Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can someone help me please purchases on dece

can someone help me please Purchases on December 10...

70.2K

Verified Solution

Question

Accounting

can someone help me please

image

Purchases on December 10 units @ $ 6.00 cost Purchases on December 14 Purchases on December 20 units @ $12.00 cost 15 units @ $14.00 cost 21 QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic Inventory system is used. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on FIFO 3 Answer is complete but not entirely correct. Cost of Goods Sold Inventory Balance Periodic FIFO: Cost of Goods Available for Sale Cost of Cost # of Goods units Available unit for Sale Cost per unit # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory per $ $ 12 Purchases December 7 December $ 60 240 10 $0.00 12.00 151400 60L 240 2 is 10 $8.00 2012.00 1614.00 3800 1200 1400 158 December 21 Total 210 510 378 45

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students