6-14 Perpetual: Inventory costing with specific identification.

Required information Use the following information for the Quick Study below. (Algo) (11-14) The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system Also, on December 15, Monson sells 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units $18.00 cost QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December ending inventory based on the FIFO method PerpetuaLFIES Cost of Goods Sold wo! Cost Per Cost of Goods Units Sold Unit Goods Purchased Cost Per # of Units Goods Unit Purchased Inventory Balance Cost Per Inventory Wof Units Unit Balance Date Sold December December 14 TO Docember 14 December 15 Total December 15 December 21 Totals Use the following information for the Quick Study below. (Algo) (11-14) The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 26 units for $25 each Purchases on December 7 16 units $20.00 cost Purchases on December 14 33 units $15.00 cost Purchases on December 21 26 units $18.00 cost QS 6-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Inventory Balance Painetul LEO Goods, purchased Cos of Goods Sold Cost of Goods Wor of units Available for units Cost per cost of Goods unit Sale unit sold Sold Date Cost per of units Cost per unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals Required information Use the following information for the Quick Study below. (Algo) (11.14) [The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system Also, on December 15, Monson sells 26 units for $25 each Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units $10.00 cost 33 units @ $15.00 cost 26 units $18.00 cost QS 6-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method (Round your per unit costs to 2 decimal places.) Wohted Average Pernetist Good purchased Cost of Good Sold No Cost per unit Inventory Value Cost per Cost of Goods units unit Sold sold Lovestory Balance Inventory W of units Cost per unit Balance Date Hol December 7 December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals Required information Use the following information for the Quick Study below. (Algo) (11.14) (The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a perpetual inventory system. Also, on December 15, Monson sells 26 units for $25 each Purchases on December ? Purchases on December 14 Purchases on December 21 16 units $10.00 cost 33 units @ $15.00 cost 26 units $18.00 cost QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 13 are from the December 7 purchase and 13 are from the December 14 purchase Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per Available for Cost inits ini Cont of Sale sold por unit Goods Sold Ending Inventory of units Cost per Ending in ending Inventory Inventory unit Purchases December 7 December 14 December 21 Total