! Required information [The following information applies to the questions displayed below.] Trey Monson starts a...
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! Required information [The following information applies to the questions displayed 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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Inventory Unit Balance December 7 10 at $ 6.00 $ 60.00 10 at $6.00 = $ 60.00 20 at $ 12.00 = $ 240.00 December 14 Total December 14 December 15 Total December 15 December 21 Totals 10 at $6.00 = $ 60.00 20 at $12.00 = 240.00 $ 300.00 15 at $ 14.00 = $ 210.00 15 at 15 at $14.00 = 210.00 $ 210.00 ! Required information [The following information applies to the questions displayed 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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Cost of Goods Unit Sold # of Units Cost Per Inventory Unit Balance December 7 10 at $ 6.00 $ 60.00 10 at $6.00 = $ 60.00 20 at $ 12.00 = $ 240.00 December 14 Total December 14 December 15 Total December 15 December 21 Totals 10 at $6.00 = $ 60.00 20 at $12.00 = 240.00 $ 300.00 15 at $ 14.00 = $ 210.00 15 at 15 at $14.00 = 210.00 $ 210.00
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