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 $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units 32 units 28 units $20.00 cost $30.00 cost $36.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for # of units Cost per unit Cost of Goods Sold Sale sold # of units in ending inventory Cost per unit Ending Inventory Purchases: December 7 18 $ 20.00 $ 360 18 $ 20.00 $ 360 December 14 32 30.00 960 32 30.00 960 $ 30.00 December 21 28 36.00 1,008 22 36.00 792 36.00 Total 78 $ 2,32 72 $ 2,112 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 $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $20.00 cost 32 units 28 units $30.00 cost $36.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Purchases: December 7 December 14 December 21 Total Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance of units Cost per unit Cost of Goods # of # of units Available for Sale units sold Cost per unit Cost of Goods Sold in ending Inventory Cost per Ending unit Inventory 0 0 $0.00 $ 0 0.00 0 0 $ 0.00 0 $ 0 0 $ 0 0 $ Jick Study Quiz 14 Saved 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 $50 each. 7:03 Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units 32 units 28 units $20.00 cost $30.00 cost $36.00 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 Cost of Goods Sold Purchases: December 7 December 14 December 21 Total Goods Available for Sale Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory 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 $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 unite @ $20.00 cost 32 units $30.00 cost 28 units @ $36.00 cost Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 Total Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of Cost units sold Cost of per unit Goods Sold # of units Cost per Ending in ending inventory unit Inventory