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[The following Informatlon 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 periodic Inventory system. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ s 6 cost 20 units è $12 cost 15 units e $14 cost 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 FIFO method. Answer is complete but not entirely correct. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost # of units in ending inventory Cost Cost # of units per unit # of units sold per unit per unit Ending Inventory Purchases: December 7 10 $6.00 60 10 $6.00 S 60 December 20 12.00 240 7 12.00 84 13 156 14 12.00 December 21 15 14.00 210 15 14.00 210 Total 45 510 17 144 28 S 366

[The following Informatlon 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 periodic Inventory system. Also, on December 15, Monson sells 15 units for $20 each. 10 units @ s 6 cost 20 units è $12 cost 15 units e $14 cost 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 FIFO method. Answer is complete but not entirely correct. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost # of units in ending inventory Cost Cost # of units per unit # of units sold per unit per unit Ending Inventory Purchases: December 7 10 $6.00 60 10 $6.00 S 60 December 20 12.00 240 7 12.00 84 13 156 14 12.00 December 21 15 14.00 210 15 14.00 210 Total 45 510 17 144 28 S 366

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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How do I fix the Periodic FIFO?:( tysm in advance

Requlred 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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units sold # of units in ending inventory Cost Cost Cost # of units per unit per unit Goods Sold per unit Ending Inventory Purchases: December 7 10 $6.00 60 10 $6.00 S 60 December 14 78 12.00 20 12.00 240 84 13 IS 156 12.00 December 15 14.00 210 15 14.00 210 21 Total 45 510 17 IS 144 28 IS 366
Transcribed Image Text:Requlred 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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Periodic FIFO: Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units sold # of units in ending inventory Cost Cost Cost # of units per unit per unit Goods Sold per unit Ending Inventory Purchases: December 7 10 $6.00 60 10 $6.00 S 60 December 14 78 12.00 20 12.00 240 84 13 IS 156 12.00 December 15 14.00 210 15 14.00 210 21 Total 45 510 17 IS 144 28 IS 366
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