Question

Requireu lorillium 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 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 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

it monson uses a perpetual Inventory systems (17Specific Identification - Perpetual Goods purchased cost of Good sold inventory Bolance! It of cost cost of # of cost anu #Of cost units pes Good units per Boy Date units Peronit! Isold unit sold. unit Deca 20 $16 $3200 20 $16 $320 bec.14 35 $24 $840 20 $16 $320 135 $24 $840. beris 116 $16 2564 $16 64 $24 336 21 $24 504 $568 - Decal 30 $29 $870 4 $16 $64. 21 $24 504 30 $29 5870 55 - $1438

(21 Perpetual EITO: ano 35 Si G1000 pua chased cost of Good sold I Inventory polance Hof cost COG It of cost COGS # of cost and I hate units per unit Avoi unitsold P.O. units perunt Bal Dec 7 20 $ 16 $320 20 $16 $320 peci4 35 $245840 20 $16 $ 320 $24 840 $ 1160 Decis 30 & 24 $720 20 $16 320 S $24 120 $ 440 Dec21 30 $ 29 5 9 70 20 $16 320 S $24 120 30 $29 $870 55 - 1310 o 10 Perpetual FIFO: Goods purchased cost of Good sola I Inventory Balance - # of A Of cost Goods # of cost cost of Hof costren Inventor pate units per unit pya-chased unit PU Good sold unit unit Bal berr 20 516 $320. 20 $16 $320 Dec 14 35 $24 $840 20 $16 $320 35 $24 $840 55 - 1160 Dec.is 20 $16 320 110 634 6 340 25 $24 6oo. $ 600 Dec.21 30 & 29 $870 25 $24 $ 600 30 $29 $870 55 - $14.70