Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you finish the rest of the problem please. Required information Trey Monson starts a merchandising business on December 1 and enters into the following

can you finish the rest of the problem please. image text in transcribed
image text in transcribed
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual Fico: Goods Purchased Inventory Balance Date Cost Por Unit Units Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold Goods Purchased #or Units Cost Par Unit Inventory Balance December 7 18 $ 14.00 $ 252.00 181 Decomber 14 33 $ 21.00 $ 693.00 181 330 December 15 $ 252,00 18 @ $ 14,00 101 $ 21.00 $ 210.00 December 21 28 $ 25,00 $ 700.00 2310 28 Totals $ 462.00 Inventory Balance # of Units Cost Per Unit Inventory Balance 18:@ 18 @ 33 @ 23 @ 28 @ =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Risk Assessment Made Easy Seeing What Others Miss

Authors: Charles Hall

1st Edition

0578961679, 978-0578961675

More Books

Students also viewed these Accounting questions