Question
need urgent help with these two questions please! Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
need urgent help with these two questions please! - 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 15 units for $34 each.
Purchases on December 7 10 units @ $20.00 cost Purchases on December 14 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
2. 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 15 units for $34 each.
Purchases on December 7 10 units @ $20.00 cost Purchases on December 14 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Monson uses a perpetual inventory system, Also, on December 15 , Monson sells 15 units for $34 each. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. [I he following information applies to the questions displayea 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 15 units for $34 each. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method
- 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 15 units for $34 each.
| Purchases on December 7 | 10 units @ $20.00 cost |
|---|---|
| Purchases on December 14 | 20 units @ $26.00 cost |
| Purchases on December 21 | 15 units @ $28.00 cost |
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
2. 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 15 units for $34 each.
| Purchases on December 7 | 10 units @ $20.00 cost |
|---|---|
| Purchases on December 14 | 20 units @ $26.00 cost |
| Purchases on December 21 | 15 units @ $28.00 cost |
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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Fundamentals Of Accounting And Financial Analysis
Authors: Anil Chowdhury
1st Edition
9788131702024, 9788131776070
