Question

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	15 units @ $18.00 cost
Purchases on December 14	29 units @ $27.00 cost
Purchases on December 21	25 units @ $32.00 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.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of Units

Cost Per Unit

Goods Purchased

# of Units Sold

Cost Per Unit

Cost of Goods Sold

# of Units

Cost Per Unit

Inventory Balance

December 7

December 14

December 15

December 21

Totals

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	15 units @ $18.00 cost
Purchases on December 14	29 units @ $27.00 cost
Purchases on December 21	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 Unit

Cost of Goods Available for Sale

# of units sold

Cost Per Unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

December 7

15

@

$18.00

=

$270.00

December 14

29

@

$27.00

=

$783.00

@

@

$27.00

=

$0.00

December 15

=

December 21

25

@

$32.00

=

$800.00

Totals

Answer 1