Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost equired: onson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the ecember 31 ending inventory when costs are assigned based on LIFO.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost equired: onson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the ecember 31 ending inventory when costs are assigned based on LIFO.
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...
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Transcribed Image Text:Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Also, on December 15, Monson sells 30 units for $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
equired:
onson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the
ecember 31 ending inventory when costs are assigned based on LIFO.
erpetual LIFO:
Date
December 7
December 14
December 15
otals
December 21
# of
units
Goods purchased
20 units @ $14.00 cost
36 units @ $21.00 cost
30 units $25.00 cost
Cost per
unit
Cost of Goods
Available for
Sale
$
0.00
$ 0.00
$ 0.00
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
Inventory Balance
# of units
@
Cost per
unit
Inventory
Balance
FA
$
0.00
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