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QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending
QS 5-10 Perpetual: Assigning costs with FIFO LO P1
Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 es Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based method. the FIFO Perpetual FIFO: Goods Purchased Inventory Balance # of Units Date Cost Per Unit Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 18 @ $ 4.00 $ 72.00 18 @ $ 4.00 $ 72.00Step by Step Solution
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