questions 1-4

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 $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $20.00 cost 32 units e$30.00 cost 28 units @ $36.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO Cost of Goods Sold Goods Purchased Cost Per Goods Unit Purchased Inventory Balance Cost Per Inventory orts Unit Balance of Units Date Cost Per Cost of Goods Unit Sold Sold December 7 December QS 6-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for $50 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. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Cost per Available for Date of units sold # of units Inventory Cost per Cost of Goods unit Sold Cost per of units 1 unit Balance December 7 - $ 0.00 December 14 - $ 0.00 December 15 December 21 $ 0.00 Required: Monson sells 28 units for $50 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 # of units Date Cost per unit Cost of Goods Sold units Cost per Cost of Sald unit Goods Sold Inventory Value #of units Cost per unit Inventory Balance December 7 December 14 $ 0.00 N Average cost $ 0.00 December 15 IN $ 0.00 December 21 $ 0.00 Average cost Required: Monson sells 28 units for $50 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Dtermine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased Cost per Cost of Goods Sold #of units Cost per Cost of Goods Sold unit Sold Goods Inventory Balance of units of units Cost per Inventory unit Balance of Date units unit December 7 1 8 @ $ 20.00 - $360.00 December 14 $ 0.00 December 15 December 21 $36.00 $ 0.00