Question

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 18 units $10.00 cost Purchases on December 14 3 5 units . $15.00 cost Purchases on December 212 8 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 ending inventory when costs are assigned based on LIFO. Perpetual UFO: Goods purchased Cost of Goods Sold Date # of Inventory Balance units Cost per cost of Goods unit Available for Sale #of units sold Cost per Cost of Goods Sold of units December 7 cost per unit Inventory Balance $ 0.00 December 14 $ 0.00 December 15 December 21

Answer 1

Perpetual ufo SOLD Cost Date COST OF GOODS No. of Cost per Units Unit Unit Sold of GOODS PURCHASED Cost per Cost of good. Unit available for 1 Sale $ 10 $ 180 Units Goods INVENTORY BALANCE No. of Cost Inventory 1 Units Unit Cance. 18 $10 $180 per Balance. Sold December 18 December 14 35 $ 15 $525 18 35 सी-सी $180 $ 525 $ 705 December 15 28 $15 $420 18 $ 10 $ 15 $180 $ 105 $ 285 December 21 28 $18 $504 $180 जी -सी $ 15 $105 $504 $789 December 31 = 18 units @ $10 each + 7 units @ $ 15 each + 28 units @ $ 18 each ie $ 789 Value of Inventory as on

Weighted average - Perpetual GOODS PURCHASED No. of Cost Inventon Vnits COST OF GOODS SOLD No. of Cost ber Cost of I thit Goods Sold Sold INVENTORY BALANCE No of Cost per Inventory Whits Unit Balance Units . Unit Value 10 18 $ 10 $180 December of December 14 18 35 $180 $525 $15 18 35 $15 53 $ 10 $180 $525 $ 13.30 $ 705 $ 13.30 $332.60 December 15 - 28 $13.30 December 21 28 $18 $504 $372440 25 25 28 53 $13.30 $332.60 $18 $504 $15.18 $836.60 Cost of Inventory as of December 31 - 53 units @ $15.78 i $836-60

TTTTTTTT Specific Identification - Perpetual GOODS PURCHASED No of Cost Date per Vrits Whit December 7 18 $10 $180 December 14 35 $15 $525 Cost OP Goods SOLD No. of Cost per Cast of Onits Unit a Goods Sold Sold INVENTORY BALANCE No of Cost per Inventory Units Whit Balance. December 15 14 $10 $15 18 $0 $180 18 $10 $180 35 $15 $525 $ 705 $140 $ 10 $8.40 $210 21 $15 $315 $355 4 $ 10 $40 $15 $315 $18 $504 $859 December 31 is $859 December 21 28 $18 $ 504 28 Cost assigned to inventory as on