Question

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 FIFO: Inventory Balance Cost of Goods Available for Sale Cost of Goods Cost per Available for Sale Cost of Goods Sold #of Cost Cost of units per unit Goods Sold # of units unit of units in ending inventory Cost per Ending unit Inventory sold Purchases: December 7 December 14 December 21 0.00 0.00 Total < Prev 8 9 10 11 of 12 Next >

Answer 1

Periodic FIFO Cost of Goods sold Ending Inventory Cost of goods Available for sale Cost of No of Cost per goods units unit Available for sale No of Cost per unit Cost of goods sold No of units Cost per unit Ending Inventory 10 60 Purchases: Dec-07 Dec-14 Dec-21 Total 6.00 2012.00 14.00 6.00 12.00 14.00 240 210 510 15 6.00 12.00 14.00 15 180 2101 390 120 30