[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 perpetual inventory system. Also, on December 15, Monson sells 27 units for $40 each Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units e$24.00 cost 27 units & $29.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO Cost of Goods Sold #of Units Cost Per Cost of Goods Unit Sold Sold Goods Purchased Cost Per Goods # of Units Unit Purchased Inventory Balance Cost Per # of Units Inventory Unit Balance Date December 7 inces December 14 Total December 14 December 15 Total December 15 December 21 Totals [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 perpetual inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units e $16.00 cost 33 units $24.00 cost 27 units $29.00 cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. Inventory Balance Perpetual LIFO: Goods purchased Cost of Goods Sold #of Cost of Goods Cost per # of units Cost per Cost of Goods Available for units unit unit Sold Sale sold Dato Cost per # of units Inventory Balance unit December 7 $ 0.00 $ 0.00 December 14 Total December 14 $ 0.00 December 15 Total December 15 $ 0.00 December 21 Totals Use the following information for the Quick Study below. (Algo) (11-14) [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 perpetual inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units $24.00 cost 27 units $29.00 cost QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 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.) Date Inventory Balance Inventory Cost per unit Balance Weighted Average.. Perpetuat: Goods purchased Cost of Goods Sold #of Cost per unit Inventory Value units Cost per Cost of Goods unit Sold sold $ 0.00 # of units # of units December 7 $ 0.00 December 14 0.00 $ 0.00 Average cont December 14 December 15 December 21 $ 0.00 0 Average cost December 21 Totals $ 0.00 0 Required information Use the following information for the Quick Study below. (Algo) (11-14) [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 perpetual inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 17 units $16.00 cost Purchases on December 14 33 units $24.00 cost Purchases on December 21 27 units $29.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 of the units sold, 14 are from the December 7 purchase and 13 are from the December 14 purchase Determine the costs assigned to ending inventory when costs are assigned based on specific identification es Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per # of Cost Cost of # of units unit Available for units Sale sold per unit Goods Sold Ending Inventory of units Cost per Ending In ending unit Inventory Inventory $ 0 0 Purchases December 7 December 14 December 21 Total $0.00 $ 0.00 0 0 $0.00 $ 0.00 0.00 $ 0 0 0 0 $ 0 $ 0 0 0 0
