Question

Refer to the information in QS and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit costs and inventory amounts to cents.)
In QS Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.
Purchases on December 7 ......... 10 units @ $ 6.00 cost
Purchases on December 14 .......... 20 units @ $12.00 cost
Purchases on December 21 ......... 15 units @ $14.00 cost
Required
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to cents.)


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  • CreatedApril 23, 2015
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