Required information [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 15 units for $39 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $25.00 cost 20 units @ $31.00 cost 15 units @ $33.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Required information [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 15 units for $39 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $25.00 cost 20 units @ $31.00 cost 15 units @ $33.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

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Description: Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.DateDecember 7December 14Total December 14December 15Total December 15December 21TotalsGoods PurchasedCost PerUnit# of UnitsGoodsPurchasedPerpetual FI

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required:Monson sells 15 units for $20 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.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required:Monson sells 15 units for $20 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
Required information [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 15 units for $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven 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 Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Total
Required information [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 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [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 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units $16.00 cost 20 units $22.00 cost 15 units @ $24.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending unit Inventory inventory 0 $0.00 $…
Required information [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 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [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 30 units for $50 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 of the units sold, 16 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. Purchases: December 7 December 14 December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Number of units Goods Available for Sale Cost of Goods Available for Sale Cost per unit Specific Identification Cost of Goods Sold Number of units sold Cost Cost of per Goods unit Sold Ending Inventory Number of units in ending inventory Cost per unit Ending Inventory
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 15 units for $32 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $18.00 cost 20 units @ $24.00 cost 15 units @ $26.00 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.