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 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $1.00 cost 30 units ē $15.00 cost 25 units @ $18.00 cost 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 # of Units Sold Inventory Balance # of Units Cost Per Unit Goods Purchased Cost Per Cost of Goods Unit # of Units Cost Per Unit Inventory Balance Date Sold December 7 December 14

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 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $1.00 cost 30 units ē $15.00 cost 25 units @ $18.00 cost 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 # of Units Sold Inventory Balance # of Units Cost Per Unit Goods Purchased Cost Per Cost of Goods Unit # of Units Cost Per Unit Inventory Balance Date Sold December 7 December 14

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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