FIFO = FIRST IN FIRST OUT
goods purchased first are considered to be sold first. Periodic inventory system means that ending inventory is determined at the end of period and not after every transaction.
cost of goods purchased | Cost of goods sold | Inventory Balance | ||||||||
Periodic FIFO | # of units | Cost per unit | Cost of goods available for sale | # of units | cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending inventory | |
Purchases | ||||||||||
December 7 | 10 | $6 | $60 | 10 | $6 | $60 | 0 | 0 | 0 | |
December 14 | 20 | $12 | $240 | 5(15-10) | $12 | $60 | 15(20-5sold) | $12 | $180 | |
December 21 | 15 | $14 | $210 | 0 | 0 | 0 | 15 | $14 | $210 | |
Total | $510 | $120 | $390 | |||||||
Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system...
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned the December 31 ending inventory when costs are assigned based on FIFO. Periodic...
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6.00 cost 20 units $12.00 cost 15 units $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of...
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $6.00 cost 20 units $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of...
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase and assume the periodic inventory system...
O 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 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $10.00 cost 30 units @ $15.00 cost 25 units $18.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO Required: Monson...
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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the...
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units 20 units 15 units $6.00 cost $12.00 cost $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on the weighted average method. (Amounts to be deducted...
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 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. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31...
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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Answer is complete...
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 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 uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FA method. Perpetual...