Required information Trey Monson starts a merchandising business on December 1 a

Question

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 30 units for $40 each.
  

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 30 units for $40 each.
  

Required:
Monson sells 30 units for $40 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.

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 30 units for $40 each.
  

Required:
Monson sells 30 units for $40 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

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 30 units for $40 each.
  

Purchases on December 7 20 units @ $16.00 cost Purchases on December 14 35 units @ $24.00 cost Purchases on December 21 30 units @ $29.00 cost ntory Balanc ost of Goods Sold oods Purchase of Units 1 Cost Per | Cost of Goods | Cost Per Inventory # of Units Cost Per Unit Goods Purchased Unit Balance Date 0 Unit Sold Units Sold December 7 December December 15 December 21 Totals

Explanation / Answer

FIFO Perpetual DATE Goods purchased Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Purchase 7-Dec 20 16 320 20 16 320 14-Dec 35 24 840 20 16 320 35 24 840 15-Dec 20 16 320 25 24 600 10 24 240 21-Dec 30 29 870 25 24 600 30 29 870 Totals 85 2030 30 560 55 1470 LIFO Perpetual DATE Goods purchased Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Purchase 7-Dec 20 16 320 20 16 320 14-Dec 35 24 840 20 16 320 35 24 840 15-Dec 30 24 720 20 16 320 5 24 120 21-Dec 30 29 870 20 16 320 5 24 120 30 29 870 Totals 85 2030 30 720 55 1310 Weighted Average-Perpetual DATE Goods purchased Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Purchase 7-Dec 20 16 320 20 16 320 14-Dec 35 24 840 20 16 320 35 24 840 Average cost 55 21.09 1160 15-Dec 30 21.09 632.7 25 21.09 527.25 21-Dec 30 29 870 25 21.09 527.25 30 29 870 Average cost 55 25.4 1397.25 Totals 85 2030 30 632.7 Specific Identification DATE Goods purchased Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Purchase 7-Dec 20 16 320 20 16 320 14-Dec 35 24 840 20 16 320 35 24 840 15-Dec 16 16 256 4 16 64 14 24 336 21 24 504 21-Dec 30 29 870 4 16 64 21 24 504 30 29 870 Totals 85 2030 30 592 55 1438

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