ch6-3,4,5,6

! 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 28 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $20.00 cost 32 units $30.00 cost 28 units @ $36.00 cost QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date Perpetual FIFO: Goods Purchased Cost of Goods Sold # of #of Units Cost Per Goods Cost Per Cost of Goods Unit Units Purchased Unit Sold Sold 18 at $ 20.00 $ 350.00 Inventory Balance Cost Per Inventory # of Units Unit Balance December 7 18 at $ 20.00 360,00 32 at $ 30.00 $ 900.00 December 14 $ 20.00 $360.00 18 at 32 5 anni 900.00 Dato Perpetual FIFO Goods Purchased Cost of Goods Sold of Units #of Cost Per Goods Cost Per Cost of Goods Units Unit Purchased Unit Sold Sold 18 at $ 20.00 $360.00 Inventory Balance Cost Per # of Units Inventory Unit Balance December 7 18 at $ 20.00 $360,00 32 at $ 30.00 $ 960.00 December 14 $ 380.00 18 at $ 20.00 - 32 at 5 30.00 Total December 14 960.00 $1,320.00 18 at $ 20.00 $360,00 December 15 Total December 15 28 at $ 36.001 - $ 1,008.00 28 at $ 35.00 $1,000.00 December 21 $ 350.00 $1.008.00 Totals 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. Perpetual LIFO: Cost of Goods Sold Goods purchased Inventory Balance Date Cost per Cost per # of units Cost of Goods Available for Salo # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit December 7 S 0.00 $ 0.00 December 14 Total December 14 $ 0.00 December 15 Total December 15 $ 0.00 December 21 Totals 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.) Date Woighted Average Perpetual Goods purchased Cont of Goods Sold Nof Cost per unit Inventory Value Cost per Cost of Goods units unit Sold sold W of units Inventory Balance Inventory of units Cost par unit Balance December 7 December 14 Average cost December 14 December 15 December 21 Average cost December 21 Total Help Save & Exit Check my Purchases on December 14 Purchases on December 21 32 units $30.00 cost 28 units @ $36.00 cost QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending Inventory when costs are assigned based on specific Identification. Specific Identification Cost of Goods Sold Ending Inventory Goods Avaliable for Sale Cost of Goods Cost per #of unito Available for unit Sale of unas cost per W of units sold Cost Cost of per unit Goods Sold in onding Inventory unit Ending Inventory Purchases December 7 December 14 December 21 Total