Question

Required information [The following information applies to the questions displayed below.) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on Deceber 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO Goods Purchased Inventory Balance # of Units Date Cost Per Unit Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 < Prev 10 11 12 13 of 13 !!! Next >
please explain and show how you got the formula to get the answers.

Answer 1

	Goods Purchased	Cost of Goods Sold	Inventory Balance
Date	Units	Cost / unit	Tototal Cost	Units	Cost / unit	Tototal Cost	Units	Cost / unit	inventory Balance
7-Dec	19	$20.00	$380.00				19	$20.00	$380.00
14-Dec	36	$30.00	$1,080.00				19	$20.00	$380.00
							36	$30.00	$1,080.00
15-Dec				19	$20.00	$380.00
				10	$30.00	$300.00	26	$30.00	$780.00
21-Dec	29	$36.00	$1,044.00				26	$30.00	$780.00
							29	$36.00	$1,044.00
Tototal	84		2504	29		$680.00	55		$1,824.00

Please refer formula in screenshot

х File A OX 12D fic Calculate Now Copy of An-13 - Microsoft Excel Home Design Design Insert New Tab Page Layout Formulas Data Review View Developer novaPDF PDF PO Define Name Trace Precedents 15 Show Formulas A e 190 fi Use in Formula Trace Dependents Error Checking AutoSum Recently Financial Logical Text Date & Lookup & Math More Name Watch Used Time Reference & Trig Functions Manager Create from Selection Remove Arrows Evaluate Formula Window Function Library Defined Names Formula Auditing » Y- Calibri - 11 P-AERO 39 Insert Function Calculation Calculate Sheet Options Calculation E2 c C D E F G H Н. K L M N 0 P 1 Trey Mansc 2 Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost/ unit Tototal Cost Units Cost/ Tototal Cost unit Units Cost/ unit inventory Balance 3 4 44172 19 20 =F4*G4 19 20 =L4*M4 5 6 44179 36 30 =F7*G7 19 20 =L7*M7 7 8 36 30 =L8*M8 9 10 11 44180 19 20 =111*J11 =112*J12 12 10 30 26 30 =L12*M12 13 14 15 44186 29 36 =F15*G15 26 30 =L15*M15 16 29 36 =L16 M16 17 18 19 Tototal =F15+F7+F4 =H15+H7+H4 =111+|12 =K11+K12 =L15+L16 =N15+N16 20 21 Sheet511 Sheet512 Sheet513 Select destination and press ENTER or choose Paste Sheet514 Sheet515 Sheet516 Sheet517 Sheet518 Sheet519 Average: 4420.72093 Count: 57 Sum: 190091 HE 100% 0 OC W EN ? 6:16 AM 9/24/2020