-) cl?newconnect.mheducation.com/flow/connect.html Chapter 6-Homework 4 Trey Mon
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-) cl?newconnect.mheducation.com/flow/connect.html Chapter 6-Homework 4 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units $4.80 cost 26 units $6.88 cost 18 units $7.00 cost Part 1 of 4 10 points QS 6-10 Perpetual: Assigning costs with FIFO LO P1 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 Goods Purchased UnitsCost er Cost #of s of Units Cost Per | Cost Per # of Units 8 Date Unit Goods Sold Goods Sold Unit Sold Unit G 8I@IS 4.00| # | S 32.00 4.003 3200 26|@| S 6.00 = | S 156.00 32.00 158.00 s 188.00 8s 4.00 s 6.00 400 32.00 s 6.00 126.00 les 7.00 126 00 Toals O Type here to searchExplanation / Answer
Answers
FIFO Method
Purchases
Cost of merchandise Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Dec-07
8
$ 4.00
$ 32.00
0
$ -
$ -
8
$ 4.00
$ 32.00
Dec-14
26
$ 6.00
$ 156.00
8
$ 4.00
$ 32.00
$ -
26
$ 6.00
$ 156.00
Dec-15
8
$ 4.00
$ 32.00
16
$ 6.00
$ 96.00
10
$ 6.00
$ 60.00
Dec-21
18
$ 7.00
$ 126.00
16
$ 6.00
$ 96.00
18
$ 7.00
$ 126.00
Total
52
$ 314.00
18
$ 92.00
34
$ 222.00
FIFO Method
Purchases
Cost of merchandise Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Dec-07
8
$ 4.00
$ 32.00
0
$ -
$ -
8
$ 4.00
$ 32.00
Dec-14
26
$ 6.00
$ 156.00
8
$ 4.00
$ 32.00
$ -
26
$ 6.00
$ 156.00
Dec-15
8
$ 4.00
$ 32.00
16
$ 6.00
$ 96.00
10
$ 6.00
$ 60.00
Dec-21
18
$ 7.00
$ 126.00
16
$ 6.00
$ 96.00
18
$ 7.00
$ 126.00
Total
52
$ 314.00
18
$ 92.00
34
$ 222.00
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