Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 18 units $10.00 cost Purchases on December 14 3 5 units . $15.00 cost Purchases on December 212 8 units $18.00 cost Required: Monson sells 28 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual UFO: Goods purchased Cost of Goods Sold Date # of Inventory Balance units Cost per cost of Goods unit Available for Sale #of units sold Cost per Cost of Goods Sold of units December 7 cost per unit Inventory Balance $ 0.00 December 14 $ 0.00 December 15 December 21 Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $10.00 cost 35 units $15.00 cost 28 units $18.00 cost Required: Monson sells 28 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigne December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost per Cost of Goods # of unit Available for units Sale sold Date #of units cost per cost of wood unit Sold of units Cost per unit Inventory Balance December 7 $ $ 0.00 0.00 December 14 December 15 December 21 Totals Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units e $10.00 cost 35 units e $15.00 cost 28 units @ $18.00 cost Required: Monson sells 28 units for $25 each on December 15. Monson uses a perpetual inventory system. 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 Weighted Average - Perpetual: Goods purchased Date # of Cost per Inventory units unit Value Inventory Balance Cost of Goods Sold # of units Cost per Cost of sold #of units cost per Inventory unit Goods Sold unit Balance December 7 $ 0.00 December 14 $ 0.00 $ 0.00 Average cost $ 0.00 December 15 December 21 $ 0.00 Average cost Totals $ 0.00 Uudes Ull 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 Required: Monson sells 28 units for $25 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased Date # of units Cost per unit # of units sold Cost of Goods Sold Inventory Balance Cost per Cost of Goods af units Cost per Inventory unit Sold unit Balance December 7 $ 0.00 $ 0.00 December 14 December 15 $ $ 0.00 0.00 December 21 $ 0.00 Totals
