Required Information Use the following information for the Quick Study below. (Algo) (15-18) [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.ee cost QS 5-15A (Algo) Periodic: Inventory costing with FIFO LO P3 Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Cost of Goods Available for Sale Cost of # of Cost Goods units per unit Available for Sale Answer is complete but not entirely correct. Periodic FIFO: Cost of Goods Sold Inventory Balance # of Cost Cost of # of units Cost units per Goods in ending Ending per sold unit Sold inventory unit Inventory Purchases: 18 S 10.00 S 180 18 $ 10.00 S 180 18 X $ 10.00 IS 180 35 15.00 525 18 X 15.00 270 17 S 15.00 Is 255 December 7 December 14 December 21 Total 28 18.00 504 24 18.00 432 28 18.00 504 81 S 1.200 60 S 882 63 $ 939 o Required Information Use the following information for the Quick Study below. (Algo) (15-18) [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.ee cost 28 units @ $18.00 cost QS 5-16A (Algo) Periodic: Inventory costing with LIFO LO P3 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 Inventory Balance # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost Cost of per unit Goods Sold # of units in ending inventory Cost per Ending unit Inventory Purchases: December 7 December 14 December 21 Total Required Information Use the following information for the Quick Study below. (Algo) (15-18) [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.ee cost 35 units @ $15.ce cost 28 units @ $18.00 cost QS 5-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending Inventory when costs are assigned based on the welghted average method. (Round cost per units to 2 decimal places.) Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Cost of Goods Average Cost per # of units # of units Cost of Available for unit sold Goods Sold Sale Unit Ending Inventory # of units Average Ending in ending Cost per unit inventory Inventory Cost per Purchases: December 7 December 14 December 21 Total Required Information Use the following information for the Quick Study below. (Algo) (15-18) [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.ee cost 35 units @ $15.ee cost 28 units @ $18.00 cost QS 5-18A (Algo) Periodic: Inventory costing with specific identification LO P3 Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending Inventory when costs are assigned based on specific Identification. Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods # of # of units Cost per Available for units Cost Cost of unit Sale sold per unit Goods Sold Ending Inventory # of units in ending Cost per Ending unit Inventory inventory Purchases: December 7 December 14 December 21 Total Exercise 5-20B (Algo) Estimating ending inventory-retail method LO P4 Dakota Company had net sales (at retail) of $141,000. At Cost At Retail Beginning inventory $ 33,000 $ 65,300 Cost of goods purchased 55,992 199,500 The above additional Information is available from its records. Use the retail Inventory method to estimate Dakota's year-end Inventory at cost. (Round cost ratio to the nearest whole percentage.) At Cost Cost-to-Retail Ratio At Retail s 33,000 s Beginning inventory Cost of goods purchased Cost of goods available for sale Net sales at retail Ending inventory 55,992 88,992 65.300 99,500 164.800 S 54% s 54%