Connect - another Financial Accounting, Chapter 5 - Connect another Financial Accounting Chapter 5-2 Trey Monson starts a merchandising business on

Connect - another Financial Accounting, Chapter 5 -...

This preview shows page 1 - 4 out of 11 pages.

Connect - another Financial Accounting, Chapter 5 ----------------------------------------------------------------------------------- 2. 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 $10 each. Purchases on December 7 18 units @ $4.00 cost Purchases on December 14 35 units @ $6.00 cost Purchases on December 21 28 units @ $7.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. -----------------------------------------------------------------------------------
3. 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 $10 each. Purchases on December 7 18 units @ $4.00 cost Purchases on December 14 35 units @ $6.00 cost Purchases on December 21 28 units @ $7.00 cost Required: Monson sells 28 units for $10 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. ----------------------------------------------------------------------------------- 4. 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 $10 each.
Purchases on December 7 18 units @ $4.00 cost Purchases on December 14 35 units @ $6.00 cost Purchases on December 21 28 units @ $7.00 cost Required: Monson sells 28 units for $10 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) ----------------------------------------------------------------------------------- 5.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture