A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 390 units. Ending Inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit Cont $ 3.40 3.60 3.70 QS 5-10A (Algo) Perpetual: Inventory costing with weighted average LO P3 Assume the perpetual inventory system is used. 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.) Weighted Average - Perpetual: Goods purchased cost of Goods Sold Inventory Balance Coot per Cost per ol units Date #of units sold Cost per unit Cost of Goods Sold Inventory Balance W of unite Unit unit 350 S 3.40 $ 1.190.00 January 1 January 9 0.00 Average cost January 25 Average cost January 26 Totals A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit Cost $ 3.40 3.60 3.70 QS 5-9A (Algo) Perpetual: Inventory costing with LIFO LO P3 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Inventory Balance Perpetual LIFO: Goods purchased Cost of Goods Sold Date #of Cost per #of units Cost per Cost of units unit sold unit Goods Sold Cost per # of units Inventory Balance unit January 1 January 9 January 25 January 28 Totals A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit Cost $ 3.40 3.60 3.70 QS 5-8A (Algo) Perpetual: Inventory costing with FIFO LO P3 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Cost of Goods Sold Inventory Balance Perpetual FIFO Goods purchased Date #of Cost per units unit Cost per Cost per #of units sold Cost of Goods Sold # of units Inventory Balance unit unit January 1 January 9 $ 0.00 January 25 January 26 Totals 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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $10.00 cost 35 units @ $15.00 cost 28 units $18.00 cost QS 5-18A (Algo) Perpetual: Inventory costing with specific identification LO P3 of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased Inventory Balance # of units Date Cost of Goods Sold of Cost per Cost of units unit sold Goods Sold Cost per unit # of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 0.00 December 15 $ 0.00 S 0.00 December 21 $ 0.00 Totals 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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units $15.00 cost 28 units $18.00 cost QS 5-17A (Algo) Perpetual: Inventory costing with weighted average LO P3 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.) Weighted Average - Perpetual Goods purchased Inventory Balance of units Date Cost per unit Inventory Value Cost of Goods Sold of Cost per units Cost of sold unit Goods Sold of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 + 0.00 Average cost December 15 $ 0.00 December 21 $ 0.00 Average cost Totals $ 0.00 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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $10.00 cost 35 units $15.00 cost 28 units $18.00 cost QS 5-16A (Algo) Perpetual: Inventory costing with LIFO LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost of Goods Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units unit Inventory Balance unit December 7 18 $ 10.00 - $ 180.00 18 $ 10.00 = $ 180.00 December 14 35 $ 15.00= $ 525.00 18 $10.00 $ 180.00 35 $ 15.00 525.00 $ 705.00 December 15 28 @ 15.00 - $ 420.00 18 18 $ 10.00 $ 180.00 @ $ 180.00 December 21 28 $18.00 $ 504.00 18 $ 10.00 = $ 180.00 Bele Totals $ 420.00 $ 180.00
