Question

Check m ! 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 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 QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 25 units for $45 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. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per Cost Goods Available for Sale #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance unit December 7 $ 0.00 < Prey CD 2 3 4 of 8 !!! Next > MacBook Pro

Answer 1

А B C D E F G H I K L M 1 2 3 LIFO Method st PURCHASES COST OF GOOS SOLD INVENTORY (Balance) Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 5 Date 6 7 270 Dec.07 Dec. 14 150 $ 30 $ 18$ 27$ 8 810 9 10 11 Dec.15 25 $ 27 $ 12 150 $ 18 $ 270.0 15 $ 18 $ 270.0 30 $ 27 $ 810.0 45 $ 1,080.0 675.0 15 $ 18 $ 270.0 5 $ 27 $ 135.0 $ 20 $ 405.0 15 $ 18 $ 270.0 5 $ 27 $ 135.0 25 $ 32 $ 800.0 675.0 Ending Inventory $ 1,205.0 13 14 Dec. 21 25 $ 32 $ 800 15 16 17 Total Purchases $ 1,880 Cost of Goods Sold $ 18 19 Cost of Goods Sold $ 675 Ending Inventory $ 1,205 20 21 22 23

Formula:

B C D E F G H K L M ДА 1 LIFO Method 2 3 4 PURCHASES Unit Cost Total Cost COST OF GOOS SOLD Quantity Unit Cost Total Cost INVENTORY (Balance) Unit Cost Total Cost 5 Date Quantity Quantity 6 7 18 =J7*K7 Dec. 07 15 Dec.14 30 =D7*E7 =D8*E8 8 27 =J8*K8 9 10 11 Dec.15 25 =K9 12 =D7 =E7 =J7 =K7 =D8 =E8 =SUM(18:19) =G11*H11 =J8 =K8 =J9-611 =K9 =SUM()11:12) =J11 =K11 =J12 =K12 =D14 =E14 I=SUM(16:116) Ending Inventory 13 =29*K9 =SUM(L8:19) =J11*K11 =J12*K12 =SUM(L11:L12) =J14*K14 =J15*K15 =J16*K16 I=SUM(L14:L16) 14 Dec. 21/25 32 =D14*E14 15 16 17 Total Purchases =SUM(F7:F16 Cost of Goods Sold 18 19 Cost of Good Ending Inve! =117 =L17 20 21 22 23

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