Required information Use the following information for the Quick Study below. Tr
ID: 2393731 • Letter: R
Question
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Also, on December 15, Monson sells 15 units for $20 each Purchases on Decenber 7 Purchases on Decenber 14 Purchases on December 21 1e units s 6.ee cost 2e units $12.e cost 15 units $14.00 cost os 5-11 Perpetual: Inventory costing with LIFO LO P1 Required Monson sells 15 units for $20 each on December 15. Monson 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 Cost of Cost per Goods #of units #of units Cost per Cost Goods soldunit tof Goods! #Of units units Cost per Inventory Balance Date lee unit unit Available for Sold Sale earchExplanation / Answer
Perpetual LIFO
Date
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of Units
Cost Per Unit
Cost of Goods Available for sale
# of Units Sold
Cost per Unit
Cost of Goods Sold
# of Units
Cost per Unit
Inventory Balance
7-Dec
10
$ 6.00
$ 60.00
10
$ 6.00
$ 60.00
10
$ 6.00
$ 60.00
14-Dec
20
$ 12.00
$ 240.00
10
$ 6.00
$ 60.00
20
$ 12.00
$ 240.00
30
$ 300.00
15-Dec
15
$ 12.00
$ 180.00
10
$ 6.00
$ 60.00
5
$ 12.00
$ 60.00
15
$ 120.00
21-Dec
15
$ 14.00
$ 210.00
10
$ 6.00
$ 60.00
5
$ 12.00
$ 60.00
15
$ 14.00
$ 210.00
Totals
35
$ 450.00
15
$ 12.00
$ 180.00
30
$ 330.00
Perpetual LIFO
Date
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of Units
Cost Per Unit
Cost of Goods Available for sale
# of Units Sold
Cost per Unit
Cost of Goods Sold
# of Units
Cost per Unit
Inventory Balance
7-Dec
10
$ 6.00
$ 60.00
10
$ 6.00
$ 60.00
10
$ 6.00
$ 60.00
14-Dec
20
$ 12.00
$ 240.00
10
$ 6.00
$ 60.00
20
$ 12.00
$ 240.00
30
$ 300.00
15-Dec
15
$ 12.00
$ 180.00
10
$ 6.00
$ 60.00
5
$ 12.00
$ 60.00
15
$ 120.00
21-Dec
15
$ 14.00
$ 210.00
10
$ 6.00
$ 60.00
5
$ 12.00
$ 60.00
15
$ 14.00
$ 210.00
Totals
35
$ 450.00
15
$ 12.00
$ 180.00
30
$ 330.00
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