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

Ashley's Art Supplies began business on March 1 and made the following four inventory purchases in March: March 1 March 9 March 15 March 26 Totals: X Units Purchased 150 units 200 units 200 units 150 units 700 units 2,895 Unit Cost $5.20 $5.85 $6.30 $6.80 Total Cost $ 780 A physical count of inventory on March 31 reveals that there are 200 units on hand. Use the FIFO inventory method to calculate the Cost of Goods Sold for March. (Include two decimals in your answer even if your answer is a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 3) 1,170 1,260 1,020 $4,230

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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…

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