Required information Trey Monson starts a merchandising business on December 1 and enters into the...
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Accounting
Required information
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
8 units @ $4.00 cost
Purchases on December 14
26 units @ $6.00 cost
Purchases on December 21
18 units @ $7.00 cost
Required: Monson sells 18 units for $10 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
Perpetual LIFO:
Goods purchased
Cost of Goods Sold
Inventory Balance
Date
# of units
Cost per unit
Cost of Goods Available for Sale
# of units sold
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
December 7
December 14
December 15
December 21
Totals
Answer & Explanation
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