Question

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 $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Required: Monson sells 28 units for $25 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 Cost per Available for Date # of units # of units sold Cost per cost of goods unit Sold # of units Cost per unit Inventory Balance unit Sale December 7 December 14 = $ 0.00 $ 0.00 December 15 December 21 | = $ 0.00 Totals < Prev 23 of 4 " Next >

Answer 1

LLE Coolday ay sales 3000.000 lite mist 3,000D Imanin - lyear Goods Purchased castof goods sold balance Date no.of units cost perust costot goods noof and unis cost cost noot permy of good with lost at ay per un 18 $ 10 180 Decit 18 $10 Dec. 14 35 415 1804 5258 1 53 - 705 bee us dur 700 1 18 7 $10 $15 180 los 1400 basis 28 Dec 21 18 18 5647 $10 $15 $18 28 180 to sou 780 53