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 $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 Goods Purchased Cost Per Unit $23.00 # of Units 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost 10 at F 20 at $ 29 00 Goods Purchased = $ 230,00 $ 580 00 Perpetual FIFO: # of Units Sold M Cost of Goods Sold Cost Per Cost of Goods Sold Unit Inventory Balance Cost Per Unit # of Units 10 at 20 at $23.00 = $ 29 nn = Inventory Balance $ 230.00 $ 580.00

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 imventory system. Also, on December 15 , Monson sells 15 units for $37 each. Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. 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 $37 each. PurchasesonDecenber?7PurchasesonDeceaber14PurchasesonDecember2110unitsof$23.60cost20units&$29.60cost15unitsof$31.00cost Determine the costs assigned to ending inventory when costs are assigned based on the UFO method. 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 $37 each Jetermine the costs assigned to ending inventory when costs are assigned based on the weighted average method (Round your per init costs to 2 decimal ploces.) Required information [The following information applies to the questions displayed below] Laker Company reported the folowing January purchases and sates data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory 1. Compute gross prohit for the month of January for Laker Company for the four inventory methods 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FFO and LIFO? 4. If costs were rising instead of talling. which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below