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 [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 $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven 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 of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Total
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14 - 400 units at $9.10 May 21 100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $____; Cost of Goods Sold = $_ 2. FIFO - Ending Inventory = $_ ; Cost of Goods Sold = $_ 3. LIFO - Ending Inventory = $_ Cost of Goods Sold = $_ Attach File Browse Local Files Browse Content Collection
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
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 $29 each. 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 LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
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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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.
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 $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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 $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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 December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost 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
Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
! 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 $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals