Question

Check Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15. Monson sells 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units $10.00 cost 33 units @ $15.cost 26 units $18.00 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.

Answer 1

Date Perpetual : FIFO Goods Purchasd Cost of Goods Sold | Inventory Balance Cost # of Cost of # of Per Goods Units Cost Per Goods # of Cost Per Ending Units Unit Purchased sold Unit Sold Units Unit Inventory Dec-07 16. 10.00 160.00 10.00 160.00 Dec-14 33 15.00 495.00 16. 10.00 160.00 33 15.00 495.00 49 655.00 Dec-15 16. 10.00 160.00 23 15.00 345.00 10 15.00 150.00 345.00 Dec-21 26 18.00 468.00 15.00 345.00 18.00 486.00 50 Totals Cost of Goods sold 310.00 Ending Inventory 831.00 27 831