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Requlred information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sell 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.0e cost 30 units e s15.00 cost 25 units e s18.ee cost Required: ABČ sells 25 units for $25 each on December 15. ABC uses a perpetual Inventory system. Determine the costs assigned t the December 31 ending Inventory when costs are assigned based on LIFO. Регpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale #of #of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units units sold Sold December 7 December 14 December 15 December 21 Totals

Requlred information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sell 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.0e cost 30 units e s15.00 cost 25 units e s18.ee cost Required: ABČ sells 25 units for $25 each on December 15. ABC uses a perpetual Inventory system. Determine the costs assigned t the December 31 ending Inventory when costs are assigned based on LIFO. Регpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale #of #of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units units sold Sold December 7 December 14 December 15 December 21 Totals

Financial Accounting: The Impact on Decision Makers
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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Required Information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 15 units e $18.00 cost 30 units e $15.ee cost 25 units e $18.00 cost Purchases on December 14 Purchases on December 21 Requlred: ABC sells 25 unlts for $25 each on December 15. ABC 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 # of Cost per Cost of Goods # of units Cost per unit Cost of Goods Available for Sale Cost per unit Inventory Balance Date units sold # of units unit Sold December 7 December 14 December 15 December 21 Totals
Transcribed Image Text:Required Information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 15 units e $18.00 cost 30 units e $15.ee cost 25 units e $18.00 cost Purchases on December 14 Purchases on December 21 Requlred: ABC sells 25 unlts for $25 each on December 15. ABC 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 # of Cost per Cost of Goods # of units Cost per unit Cost of Goods Available for Sale Cost per unit Inventory Balance Date units sold # of units unit Sold December 7 December 14 December 15 December 21 Totals
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