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 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost Required: Monson sells 30 units for $40 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. Periodic UFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale Cost of Goods Sold # of units Cost Cast of seld per unit Goods Sold Inventory Balance # of units In ending Cost Ending Inventory per unit Inventory Purchases December 7 December 14 December 21 Total 2015 16.00 35 24.00 30 20.00 36 30 320 40 370 2,030 720 24001 S 20.00 s 20 5 16.00 s 320 5 24.00 120 30 20.00 S 370 55 $ 1.310 39 720 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 20 units & $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost Required: Monson sells 30 units for $40 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to 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 Weighind Average Cost of Goods Sold of units Avg Cost per Cost of sold unit Goods Sold Purchase December 7 Purchase December 14 Purchase Decor 21 Ava for Ducorber Su Tuta Inventory on hand N of units Cost per Inventory unit Value 2015 16.005 320 35 2400 840 30 20.00 870 85 23.00 2030 30 23.38 710 1155 23 885 2.740 0 Ames Trading Co. has the following products in its ending inventory. Product Quantity Cost per Unit Market per Unit 30 $700 $650 Mountain bikes Skateboards Gliders 26 12 230 870 260 830 Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units 30 26 12 Per Unit Total LCM applied to Cost Market Cost Market cch product $ 700 $ 650 $ 21.000 $19.500S 080 230 260 5.000 0.760 230 870 830 10.440 9.000 836 S 37 420 $ 38.220 S 1.710