Requlred InformatlonTrey Monson starts a merchandising business on December 1 and enters into three inventory purchases:Purchases on December 716 units @ $1e.00 cost33 units @ $15.00 cost26 units e $18.00 costPurchases on December 14Purchases on December 21Requlred:Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned tothe December 31 ending inventory when costs are assigned based on FIFO.Periodic FIFO:Cost of Goods Available for SaleCost of Goods SoldInventory BalanceCost of GoodsAvailable for# ofunitssold# of unitsCost perCostper unit Goods SoldCost ofCostEnding# of unitsin endinginventoryunitper unit InventorySalePurchases:December 7December 14December 21Total Requlred InformatlonTrey Monson starts a merchandising business on December 1 and enters into three inventory purchases:Purchases on December 7Purchases on December 14Purchases on December 2116 units @ $1e.00 cost33 units @ $15.00 cost26 units e $18.00 costRequlred:Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned toending inventory when costs are assigned based on the LIFO method.Periodic LIFO:Cost of Goods Available for SaleCost of Goods SoldInventory BalanceCost of GoodsAvailable for# ofunits# of unitsCost perunitEndingper unit InventoryCostCost ofCostper unit Goods Sold in endinginventory# of unitsSalesoldPurchases:December 7December 14December 21Total

The period and perpetual inventory method are used for inventory valuation. The period inventory…

Requlred Information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 16 units e $1e.ee cost 33 units e $15.0e cost 26 units e $18.e0 cost Purchases on December 21 Requlred: Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for ale Cost of Goods Sold Inventory Balance # of units sold # of units in ending inventory Cost of Goods Cost per unit Cost Cost of Ending per unit Inventory Cost # of units Available for per unit Goods Sold Sale Purchases: December 7 December 14 December 21 Total

Requlred Information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 16 units e $1e.ee cost 33 units e $15.0e cost 26 units e $18.e0 cost Purchases on December 21 Requlred: Monson sells 26 units for $25 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for ale Cost of Goods Sold Inventory Balance # of units sold # of units in ending inventory Cost of Goods Cost per unit Cost Cost of Ending per unit Inventory Cost # of units Available for per unit Goods Sold Sale Purchases: December 7 December 14 December 21 Total

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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