Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information use the following information

Required information Use the following information for the Quick Study below. Trey Monson starts a...

70.2K

Verified Solution

Question

Accounting

image

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 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 27 units for $40 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 Cost of Goods # of units Cost per Available for Cost per Cost of Goods Cost per Date # of units sold # of units Inventory Balance unit unit Sale Sold unit December 7 171@ $ 16.00] = $ 272.00 17 @ $ 16.00 $ 272.00 December 14 33 @ $ 24.00] = $ 792.00 17 a $ 272.00 $ 16.00 = $ 24.00 = 331 @ 792.00 $1,064.00 December 15 27 @ 171 @ $ 16.00 $ 272.00 @ $ 272.00 December 21 27 @ $ 29.00] = $ 783.00 17 @ $ 16.00 = $ 272.00 @ @ Totals $ 272.00

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