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Determin the cost assigned to ending inventory when cost are assigned based on LIFO method Check my work Required information Use the following information for
Determin the cost assigned to ending inventory when cost are assigned based on LIFO method
Check my work 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 27 units for $40 each. Purchases on December 17 anits $16.00 cost Purchases on December 14 33 units 524.00 cost Purchases on December 21 27 units $29.00 coat QS 5-12 (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 Perpetual LIFO: Goods purchased Cost of Goods Sold Cost per Cost of Goods #of #of units Cost per Cost of Goods Available for units unit Sold Salo sold Date # of units unit Cost per unit Inventory Balance December 7 $ 0.00 S 0.00 December 14 $ 0.00 Total December '14 December 15 Total December 15 $ 0.00 December 21 Totals Step by Step Solution
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