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. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Cost of Goods # of # of units Available for units Cost per Cost of unit unit Sale sold Goods Sold Cost per Ending Inventory # of units in ending Cost per Ending unit Inventory inventory Purchases: JI S 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 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 Inventory Balance # of units Cost per Ending in ending Inventory Cost of Goods Available for Sale # of units # of units sold unit Cost Cost of per unit Goods Sold inventory unit Purchases: 18 $ 10.00 $ 180 $ 10.00 $ 0 December 7 December 14 35 15.00 525 15.00 0 December 21 28 18.00 $18.00 504 1,209 Total 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 Cost per Cost of Goods Average # of units Cost of Available for # of units sold Cost per unit Goods Sold Sale Ending Inventory # of units Average Ending in ending Cost per unit Inventory inventory Unit Purchases: December 7 December 14 December 21 Total 0 $ 0 $ 0.00 $ 0.00
