Required information [The following information applies to the questions displayed below] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $16.00 cost 20 units @ $22.00 cost 15 units $24.00 cost the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assign ding inventory when costs are assigned based on specific identification. # of units Goods Available for Sale Specific Identification Cost per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory of units Cost per Ending in ending unit Inventory Inventory
Required information [The following information applies to the questions displayed below] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $16.00 cost 20 units @ $22.00 cost 15 units $24.00 cost the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assign ding inventory when costs are assigned based on specific identification. # of units Goods Available for Sale Specific Identification Cost per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory of units Cost per Ending in ending unit Inventory Inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning