Monson sells 30 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Required: Monson sells 30 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of Cost per # of units Available for Cost Cost of units unit Sale sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit Inventory inventory $ 0 0 Purchases: December 7 December 14 December 21 Total $ 0.00 $ 0.00 0 0.00 0 $ 0 $ 0 0 $ 0 Required: Monson sells 30 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average # of units Inventory on hand Cost of Goods Sold Cost per unit Inventory # of units Cost of Value sold Cost per unit Goods Sold $ 0 0 Purchase - December 7 Purchase - December 14 Purchase - December 21 Available for Sale December Sales Total 0 0 EA 0 0 $ 0 Required: Monson sells 30 units for $50 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods #of # of units Cost per Available for Cost unit units Cost of Sale sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit inventory Inventory $ 0 0 Purchases: December 7 December 14 December 21 Total $ 0.00 $ 0.00 0 0 0 $ 0.00 $ 0.00 0.00 $ 0 0 $ 0 0 0 0 0
