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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units es 6 cost 20 units @ $12 cost 15 units @ $14 cost Required: Determine the costs assigned to the December 31 ending inventory based or FIFO method. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per Cost of Goods Sold # of Cost units Cost of sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit inventory Inventory Purchases: December 7 December 14 December 21 Total 0.00 0.00 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 periodic 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 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 per Cost of Goods # of units unit Available for Sale Cost of Goods Sold # of Cost Cost of units sold per unit Goods Sold Inventory Balance # of units in ending Cost per Ending unit Inventory Inventory Purchases: December 7 $ 0 $ 0.00 $ 0.00 0 0 December 14 December 21 Total Oo oo 0.00 0 $ 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 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 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amount deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold Cost per Inventory of units Avg. Cost per Cost of # of units unit Value sold unit Goods Sold $ 0 0 0 Purchase - December 7 Purchase - December 14 Purchase - December 21 Available for Sale December Sales Total 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 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 Monson sells 15 units for $20 each of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Cost of Goods Available for Sale Cost of Goods Available for unit Salo Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold of units Cost per Inventory Balance # of units in ending Cost per Ending unit Inventory inventory Purchases: $ 0 0 $ 0.00 $ 0.00 0 December 7 December 14 December 21 Total 0 0 0 0 $ 0.00 $ 0.00 0.00 $ 0 $ 0 0 $ 0 0 0 S
