! 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 periodic inventory system. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Periodic FIFO: Cost of Goods Sold Ending Inventory Goods Available for Sale Cost of # of Cost Goods units per unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 180 18 $ 10.00 $ 180 $ 180 Purchases: December 7 December 14 December 21 Total 18 $ 10.00 $ 35 15.00 18 X $ 10.00 35 X $ 15.00 $ 525 17X 15.00 255 $ 525 28 18.00 504 0 0 28 18.00 504 81 $ 1,209 35 $ 435 81 $ 1,209 ! 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 periodic inventory system. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units $18.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods # of Cost Cost of # of units Available for units unit Sale sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Purchases: December 7 180 $ 10.00 $ 0 18 $ 10.00 $ 351 15.00 525 15.00 0 December 14 December 21 Total 28 18.00 $18.00 504 1,209 81 $ 0 $ 0 0 $ 0 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 periodic inventory system. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units & $15.00 cost 28 units @ $18.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round cost per units to 2 decimal places.) Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Average Cost of Goods Cost per # of units Cost of # of units Available for Cost per unit sold Goods Sold Sale Unit Ending Inventory # of units Average Ending in ending Cost per unit Inventory inventory Purchases: December 7 December 14 December 21 Total 0 0 $ 0.00 $ 0.00
