Saved Required information Use the following information for the Quick Study bel

Question

Saved Required information Use the following information for the Quick Study below 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 units $14.00 cost Purchases on December 14 33 units $21.00 cost Purchases on December 21 28 units $25.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Cost of Goods Sold s of Units Unit Goods Sold Cost Per Cost Per Cost of Cost Per Inventory Goods Unit Purchased Sold #of Date Unit 1814.00 252.00 814.00$ 252 3s 21.00693.00 8 14.00252.00 33 21.00 693.00 e s 25 F5 #6 F2 F3

Explanation / Answer

Ending inventory : 51 units $1,183.00 ( 23 uits @$21 each, 28 units @$25 each)

Ending inventory using FIFO - Perpetual Inventory Date Purchases Cost of goods sold Ending Inventory Units Unit price Value Units Unit price Value Units Unit price Value Dec.7 18 $14.00 $252.00 $0.00 18 $14.00 $252.00 Dec.14 33 $21.00 $693.00 18 $14.00 $252.00 33 $21.00 $693.00 Dec.15 18 $14.00 $252.00 0 $14.00 $0.00 10 $21.00 $210.00 23 $21.00 $483.00 Dec.21 28 $25.00 $700.00 23 $21.00 $483.00 28 $25.00 $700.00 Ending $1,645.00 $462.00 51 $1,183.00

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