Tnewconhect.mheducation.com Connect Saved Required information Use the following

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Tnewconhect.mheducation.com Connect 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 Decenber 7 18 units $14.00 eost Purchases on December 14 33 units $21.00 cost Purchases on December 21 28 units $25.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assignedto December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO Cost of Goods Cost Per sold | Unit | Goods Sold! #o, units :cost per inventory Balance Date Cost Per Cost of Available for unitsC C Prev 20 oe 21111 Next > 20 F3 DW F5

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 14 252 18 14 252 14-Dec 33 21 693 18 14 252 33 21 693 15-Dec 28 21 588 18 14 252 5 21 105 21-Dec 28 25 700 18 14 252 5 21 105 28 25 700 TOTAL 79 1645 28 588 51 1057 The cost of Ending inventory is $ 1057

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