Required 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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $21 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost per Cost of Goods Cost of Goods Sold # of Cost Cost of Ending Inventory # of units Coot por Ending

Required 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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $21 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost per Cost of Goods Cost of Goods Sold # of Cost Cost of Ending Inventory # of units Coot por Ending

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Description: Required 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 perpetual inventory system. Also

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Book dint rences Required 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 perpetual inventory system. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: Total December 7 December 14 December 21 15 units $18.00 cost 29 units $27.00 cont 25 units @ $32.00 cost Specific Identification Goods Available for Sa+ Number of Cost per unit units Cost of Goods Available for Sale Cost of Goods Sold Number of units sold Cost Cost of per unit Goods Sold Ending Inventory Number of units in ending inventory Cost per Ending unit Inventory
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Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16, Shepherd purchased 30 bicycles at $55 each. On May 31, Shepherd sold 21 bicycles for $110 each. Requirements 1. 2. Date May 1 May 16 Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot.…
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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 25 units for $25 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 15 units e $10.00 cost Je units e $15.00 cost 25 units e $18.00 cost Required: Monson sells 25 units for $25 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 # of units Cost of Goods Cost per Available for # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units unit Sold Sale December 7 Docember 14
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Denise’s Boutique uses the perpetual inventory method for its wristlet purses. It has provided the following inventory information for October: Oct. 1 On hand, 40 units @ $20 each $ 800Oct. 8 Purchased 200 units @ $21 each 4,200Oct. 14 Sold 190 units @ $50 each 9,500Oct. 19 Purchased 100 units @ $27 each 2,700Oct. 28 Sold 120 units @ $50 each 6,000 Denise’s Boutique has a 30% effective income tax rate. A. How much is the cost of ending inventory at October 31 and the cost of goods sold for Octoberusing FIFO?B. How much is the cost of ending inventory at October 31 and the cost of goods sold for Octoberusing LIFO?C. How much will Denise’s Boutique save in income taxes if it uses LIFO?D. Calculate Denise’s Boutique’s inventory-on-hand period under both LIFO and FIFO.
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! Required 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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $36 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 10 units @ $22.00 cost 20 units @ $28.00 cost 15 units @ $30.00 cost Goods Purchased # of Units 10 at Cost Per Unit Goods Purchased $22.00 = 20 at $28.00 II $ 220.00 $ 560.00 15 at $30.00 = $ 450.00 Perpetual FIFO: of Units Sold Cost of Goods Sold 15 at Cost Per Cost of Goods Unit Sold $28.00 = $ 420.00 $ 420.00 Inventory Balance Cost Per Unit # of Units 10 at $ 22.00 = 10 at $ 22.00 = 20 at $28.00 = 30 at $30.00 =…
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 25 units for $25 each. Purchases on December 7. 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Purchases on December 14 Purchases on December 21 Required: Monson sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.