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 30 units for $35 each. Purchases on 20 units @ $14.00 December 7 cost Purchases on 36 units @ $21.00 December 14 Purchases on 30 units @ $25.00 December 21 cost cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost # of Goods # of Cost Cost of Cost Per Units Per Inventory Units Goods Purchased # of Units Per Unit Sold Unit Sold Unit Balance $ $ $ 20 at $ 14.00 280.00 20 at 14.00 280.00 $ $ 36 at $ $ 21.00 756.00 20 at 14.00 280.00 36 at 21.00 756.00 $ 1,036.00 $ $ $ $ 30 at 21.00 630.00 21.00 420.00 11 11 December 14 Total December 14 = December 15 20 at Total December 15 30 at $ 25.00 II $ 750.00 December 21 11 $ 30 at 25.00 $ 750.00 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 30 units for $35 each. Purchases on 20 units @ $14.00 December 7 cost Purchases on 36 units @ $21.00 December 14 cost Purchases on 30 units @ $25.00 December 21 cost 20 at Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Wate #OT Goods per units units per # of units per Goods Inventory Available unit sold unit for Sale Balance Sold unit $ December 7 $ 20 at $ $ 14.00 280.00 20 at 14.00 280.00 $ $ 36 at $ $ December 14 21.00 756.00 14.00 280.00 36 at 756.00 21.00 Total December $ 14 1,036.00 30 at $ $ December 15 35.00 1,050.00 at Total December 15 $ $ 30 at $ $ 25.00 750.000 30 at 25.00 750,00 December 21 at at $ $ Totals 1.050.00! 750.00 at 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 30 units for $35 each. Purchases on 20 units @ $14.00 December 7 cost Purchases on 36 units @ $21.60 December 14 cost Purchases on 30 units @ $25.00 December 21 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Date Cost per Cost per Weighted Average - Perpetual: Goods purchased Cost of Goods Sold #of Cost # of Cost of Inventory units unit per units Value Goods sold unit Sold 20 at $ 14.00 - $ 280.00 36 at $ 21.00 - $ 756.00 December 7 Inventory Balance # of Inventory units unit Balance 20 at $ 14.00 = $ 280.00 20 at $ 14.00 - $ 280.00 36 at $ 21.00 - 756.00 $ 56 at 1,036.00 December 14 Average cost December 14 December 15 30 at 35.00 1,050.00 30 at $ 25.00 - $ 750.00 at 750.00 December 21 Average cost December 21 Totals 30 at $ 25,00 30 at $ 1,050.00l
