Chapter 5 Quiz � newconnect.mheducation.comflowconnect.html er 5 Qu.docx

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Chapter 5 Quiz newconnect.mheducation.com/flow/connect.html er 5 Quiz 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 28 units for $45 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost 0.03 QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 28 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine thecosts assign December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Inventory Balance # of units Date Cost per unit Cost of

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