This Is For Month Of March
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson selis 28 units for $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $4.00 cost 35 units @ $6.00 cost 28 units @ $7.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual EIFO: Goods Purchased Cost Per Goods Unit Purchased Date #of Units #of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance of Units Cost Per Inventory Unit Balance December 7 December 14 December 15 December 21 Totals 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 $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units 54.00 cost 35 units 56.00 cost 28 units $7.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for S10 each on December 15. Monson uses a perpetuat inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO Perpetual LEO Goods murchased Cost of Goods Sold Inventory Balancs Date #o Cost per Cost of Goods Available for Sale unit of units sold Cost per Cost of Goods unit Sold Cost per of units Inventory Balance December 7 December 14 December 15 December 21 Blo Totals 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 $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $4.00 cost 35 units @ $6.00 cost 28 units 57.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 28 units for $10 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.) Cost per Cost of Goods Sold of Cost of unit sold Goods Sold Weighted Average Perpetual Goods.purchased Date #of Inventory units unit Value December 7 December 14 Cost per Inventory.Balance Cost per # of units Inventory unit Balance Average cost December 15 December 21 Average cost Totals 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 $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units 54.00 cost 35 units 56.00 cost 28 units $7.00 cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 28 units for $10 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 Cost per units Date Cost of Goods Sold Cost per Cost of Goods unit Sold of units sold Inventory Balance of units Cost per Inventory unit Balance unit December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 5 5 0.00 0.00 December 21 $ 0.00 Totals ATV Co began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Sunday Monday Tuesday Wednesday Thursday Friday Saturday Legend No Purchases or Sales Purchases Sales 2 4 5 6 7 00 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 SA 27 DO 24 25 26 27 28 29 30 31 tableau 1. Compute the cost assigned to ending inventory using FIFO 2. Compute the cost assigned to ending inventory using LIFO 3. Compute the cost assigned to ending inventory using Weighted Average Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO Cost of Goods Sold Date Goods Purchased ol Cost per units unit 100 $ 50 00 of units sold Cost per Cost of Goods Sold Cost per Inventory Balance unt Inventory Balance $ 5000 $ 5.000.00 # of units 100 unit March 1 March 5 to ending inventory using FIFO. Perpetual FIFO: Goods Purchased of unit 5 50 00 Cost per Contot Goods Sold Cost per Cost of Goods Sold of units sold Date March 1 March 5 unit Inventory Balance Cost per uni Inventory Balance 5 50.00 5,000.00 # of units 100 e 100 March 9 March 18 March 25 March 29 Totals 5 0.00 5 0,00 Required 2 > PerpetualLIFO: Date Goods Purchased lot units Cost per unit 100 $ 50.00 of units sold Costo Goods Sold Cost per unit Cost of Goods Sold March 1 of units 100 Inventory Balance Cost per unit Inventory Balance $ 5000 55.000.00 March 5 March 9 March 18 March 25 March 29 Totals 0.00 We places Weighted Average Perpetual Goods Purchased #of Date units Cost per unit March 1 100 e 5 50.00 #of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold of units 100 e Inventory.Balance Cost per unit Inventory Balance $ 50 00 5,000 00 March 5 Average March 9 March 18 Average March 25 March 29 Totals $ 0.00 Trey Monson starts a merchandising business on December and enters into the following three inventory purchases. Also on December 15, Monson sells 28 units for $10 each Purchases on December Purchases on December 14 Purchases on December 21 18 units 54.00 cost 35 units 56.00 cost 28 units 57.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual EO: Goods Purchase Cost Per Goods Purchased Dul of Cost of Soos Sold of Unit Cost Par Cost of Goods Sold Unit Sold Inventory.balance of Units Coat Unit Balance Inventory December 7 December 144 December 15 December 21 Totals 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 $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units 54.00 cost 35 units $6.00 cost 28 units $7.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for $10 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 LIEO: Cost of Goods Sold Inventory Balance #of Goods purch Cast of Goods Cost per Available for Sale of Date Cost per Cost of Goods unit Sold of units Cost per sold Inventory Balance December 7 $ 0.00 December 14 5 0.00 $ 0.00 December 15 December 21 $ 000 GO Totals 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 $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $4.00 cost 35 units 56.00 cost 28 units $7.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 28 units for $10 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 Inventory unit Value Cost per Cost of Goods Sold of Cost of units sold unit Goods Sold Cost per Inventory Balance Inventory unit Balance of units Cost per December 7 $ 0.00 December 14 $ 0.00 $ 0.00 Average cost December 15 $ 0.00 December 21 $ 0.00 0 Average cost Totals 0.00 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 $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $4.00 cost 35 units $6.00 cost 28 units57.00 cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 28 units for $10 each on December 15. Or the units sold, 14 are from the December 7 purchase and 14 ore 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 Wol units Cost per Cost of Goods Sold of units Cost per Cost of Goods unit Sold sold Inventory Balance Cost per of units Inventory unit Balance unit December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 5 0.00 S 0.00 December 21 50.00 Totals Tableau DA 5-2: Exercise, Perpetual: Inventory costing methods LO P1 ATV Co began operations on March 1 and uses a perpetual inventory system It entered into purchases and sales for March as shown in the Tableau Dashboard. Legend No Purchases or Sales Purchases Sales 1 2. 3 4 5 6 7 CO 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using LIFO. 3. Compute the cost assigned to ending inventory using Weighted Average. Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Costol Goods Sold Date Goods Purchased #of Cost per units unit 100 @ $ #of units sold Cost per unit Cost of Goods Sold # of units Cost per March 1 laventory Balance unit Inventory Balance $ 5000 $5,000 00 50.00 100 e March 5 March 9 March 18 March 25 March 29 Totals $ 0.00 $ 0.00 Compute the cost assigned to ending Inventory using LIFO. Perpetual LEO: Date Goods Purchand Wal tinits Cost per unit 100 $ 50.00 of units sold Contol Goods Sold Cost per unit Cost of Goods Sold of units March 1 Inventory Balance Cost per un Inventory Balance 5 50.00 $ 5.000.00 March 5 100 March 9 March 18 March 25 March 29 $ Totals 0.00 Compute the cost assigned to ending inventory using Weighted Average. (Round your average cost per unit to 2 decimal place) Weighted Average Perpetual Goods Phetchased ol units Cost per unit March 1 100 $ 50.00 March 5 of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold of units Inventory Balance Cost per unit Inventory Balance $ 50.00 5 5000 00 100 Average March 9 March 18 Average March 25 March 29 Totals 0.00