I’m stuck and could really use some help on all of it. Required Information Trey

Question

I’m stuck and could really use some help on all of it. 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 28 units for $35 each. Purchases on December 7 18 unit$14.00 cost Purchases on December 14 33 units $21.00 cost Purchases on December 21 28 units e $25.00 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 ioventory Baa Cost of Goods Sold Cost Per #of Cost Per Goods Units of Units li Unlt Cost Per:Inventory Balance # of Units Unit Date December 7 December PurchasedSold Sold Unit 14 15

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 14 252 18 14 252 14-Dec 33 21 693 18 14 252 33 21 693 15-Dec 18 14 252 10 21 210 23 21 483 21-Dec 28 25 700 23 21 483 28 25 700 TOTAL 79 1645 28 462 51 1183 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 14 252 18 14 252 14-Dec 33 21 693 18 14 252 33 21 693 15-Dec 28 21 588 18 14 252 5 21 105 21-Dec 28 25 700 18 14 252 5 21 105 28 25 700 TOTAL 79 1645 28 588 51 1057 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 14 252 18 14 252 14-Dec 33 21 693 18 14 252 33 21 693 Average 51 18.53 945 15-Dec 28 18.53 519 23 18.53 426 21-Dec 28 25 700 23 18.53 426 28 25 700 Average 51 22.08 1126 TOTAL 79 1645 28 519 51 1126 STATEMENT SHOWING INVENTORY RECORD UNDER SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 14 252 18 14 252 14-Dec 33 21 693 18 14 252 33 21 693 15-Dec 14 14 196 4 14 56 14 21 294 19 21 399 21-Dec 28 25 700 4 14 56 19 21 399 28 25 700 TOTAL 79 1645 28 490 51 1155

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