Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units e $12.00 cost 27 units @ $14.00 cost uired: son sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. Determine th December 31 ending inventory when costs are assigned based on FIFO. riodic FIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance #of # of units Cost of Goods Available for Sale Cost per Ending unit Inventory Cost Cost of Cost per unit in ending inventory #of units units per unit Goods Sold sold urchases: December 7 0.00 December 14 0.00 December 21 otal Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units @ $12.00 cost 27 units $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the cos the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods # of units sold # of units in ending inventory Cost per Ending Inventory Cost Cost of Cost per unit # of units Available for unit per unit Goods Sold Sale Purchases: December 7 0.00 December 14 0.00 December 21 Total Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units e $8.00 cost 34 units e $12.00 cost 27 units e $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale # of units in ending inventory # of Cost Cost of Cost per Ending Cost per unit units sold # of units per unit Goods Sold unit Inventory Purchases: December 7 December 14 December 21 Total Saved Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units @ $12.00 cost 27 units $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned th ending inventory when costs are assigned based on the weighted average method. (Amounts to be 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 unit Inventory # of units sold Avg.Cost per unit Cost of Goods Sold # of units Value 0 Purchase December 7 0 Purchase December 14 0 Purchase December 21 Available for Sale 0 December Sales $ $ 0 0 Total Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $8.00 cost 34 units @ $12.00 cost 27 units e $14.00 cost Required: Monson sells 27 units for $20 each on December 15. Of the units sold, 14 are from the December 7 purchase and 13 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory whe costs are assigned based on specific identification. Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale #of # of units in ending inventory Cost per Cost of Cost per Ending Cost # of units units unit per unit Goods Sold unit Inventory sold Purchases: 0 $ 0.00 $ 0 $ 0.00 $ December 7 0.00 0 0.00 0 December 14 0.00 0 0 December 21 $ 0 0 $ 0 0 $ 0 0 Total Next of 8