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Please help!! ! Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December
Please help!!
! 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. . Answer is complete but not entirely correct. Perpetual FIFO: # of Units Date Cost of Goods Sold Cost Cost of Per Goods Sold Unit # of Units Sold Goods Purchased Cost Goods Per Purchased Unit $ $ @ 14.00 280.00 $ $ @ 21.00 756.00 Inventory Balance Cost # of Units Per Inventory Balance Unit $ 20 @ $ 280.00 14.00 December 7 20 December 14 36 20 @ $ 280.00 $ 14.00 $ 21.00 36@ = 756.00 1,036.00 December 15 20 @ $ 280.00 26 @ S 21.00 $ 546.00 = 14.00 $ x = 22.00 10 @ $220.00 Answer is complete but not entirely correct. Perpetual FIFO: Goods Purchased Cost Date # of Goods Per Units Unit Purchased December $ $ 7 20 @ 14.00 280.00 # of # Units Sold Cost of Goods Sold Cost Cost of Per Goods Sold Unit Inventory Balance Cost Inventory Per # of Units Balance Unit $ 20 @ $ 280.00 14.00 December 14 36 @ $ 21.00 $ 756.00 20 @ $ 14.00 $ 280.00 36 @ 756.00 21.00 $ 1,036.00 December 15 20 @ $ 280.00 26 @ $ 21.00 > $ 546.00 14.00 $ 22.00 10 @ = $220.00 December 21 30 @ $ 25.00 $ 750.00 26 @ $ 546.00 21.00 30 25.00 $ 750.00 $ 1,296.00 Totals $ 500.00 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Required: Monson sells 30 units for $35 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. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Inventory Balance Cost per Cost of Goods Sold # of Cost of units unit Goods Sold sold # of units Cost per Cost per Date Inventory Value # of units Inventory Balance unit unit December 7 20 @ $14.00 20 @ $ 14.00 = $ 280.00 280.00 December 14 36 @ $ 21.00 $ 756.00 20 @ $ 14.00 = $ 280.00 $ 21.00 = 36 @ 56 @ 756.00 $1,036.00 Average cost December 15 301 a $ 11.09 = $332.70 December 21 30 @ $ 25.00] = $ 750.00 @ @ $ 25,00 = 0 Average cost Totals $332.70 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Required: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 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. Specific Identification-Perpetual: Goods purchased Inventory Balance Cost of Goods Sold # of Cost per Cost of units unit sold Goods Sold Cost per Date # of units Cost per # of units Inventory Balance unit unit December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 $ 0.00 $ 0.00 December 21 0.00 TotalsStep by Step Solution
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