part 2-4

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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $6.00 cost 20 units $12.00 cost 15 units. $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Part 2 of 4 Answer is complete but not entirely correct. 7.5 points Perpetual L FO: Cost of Goods Sold Inventory Balance of Cost Date # of units Goods purchased Cost Cost of Goods per Available for Sale @ $6.00 - $60.00 units per Cost per Cost of Goods Sold # of units Inventory Balance sold unit December 10 10 @ $6.00 - $ 60.00 December 20 @ 12.00 - 240.00 100 $ 6.00 - = $ 60.00 240,00 20 @ 1200 5300.00 December 150 1200 $180.00 1000 10.00 - $ 100,00 0 10.00 $ 100.00 December 15 - 10 $ 600 = $ 60.00 254.00 12.00 252.00 1409 $180.00 S57000 Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Weighted Average - Perpetual: Goods purchased Date # of Cost per Inventory units unit Value Inventory Balance Cost of Goods Sold # of Cost per Cost of t Cost per Cost per unit units sold Inventory #of units Cost per Goods Sold Balance December 7 December 14 Average cost December 15 December 21 Average cost Totals Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Inventory Balance Specific Identification-Perpetual: Goods purchased Date #of Cost per units unit December 7 Cost of Goods Sold Cost per Cost of Goods units 05 sold unit Sold of units Cost per unit Inventory Balance December 14 December 15 December 21 Totals