QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Trey Monson starts a merchand
ID: 2538642 • Letter: Q
Question
QS 5-10 Perpetual: Assigning costs with FIFO LO P1 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 $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 cost Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of #of Units Cost Per Unit Goods Purchased Cost Per Cost of Goods hased Units Sold Cost Per Inventory Balance Date Unit Sold # of Units Unit December 7 December December 15 December 21 TotalsExplanation / Answer
Perpetual FIFO GOODS PURCHASED Cost of goods sold INVENTORY BALANCE Date Units Cost per unit Goods purchased Units Cost per unit Cost of goods sold Units Cost per unit Inventory balance Dec-07 18.00 20.00 360.00 - - - - 20.00 - Dec-14 32.00 30.00 960.00 - - - 22.00 30.00 660.00 Dec-15 - - - 18.00 20.00 360.00 10.00 30.00 300.00 Dec-21 28.00 36.00 1,008.00 - - - 28.00 36.00 1,008.00 Total 78.00 2,328.00 28.00 660.00 50.00 1,668.00
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