Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 6, Problem 11QS
Perpetual: Assigning costs with FIFO P1
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 |
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
QS 6-11
Perpetual: Inventory costing with LIFO P1
Refer to the information in QS 6-10 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit costs and inventory amounts to cents.)
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Principles of Financial Accounting.
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