Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...
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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 15 units for $39 each. Purchases on December 3. Purchases on December 14 Purchases on December 21 10 units 20 units 15 units $25.00 cost $31.00 cont $33.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, B are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 Total Specific Identification Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for # of Sale units sold Cost Cost of per unit Goods Sold Ending Inventory 8 of units Cost per Ending in anding Inventory unit Inventory 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 15 units for $39 each. Purchases on December 3. Purchases on December 14 Purchases on December 21 10 units 20 units 15 units $25.00 cost $31.00 cont $33.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, B are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 Total Specific Identification Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for # of Sale units sold Cost Cost of per unit Goods Sold Ending Inventory 8 of units Cost per Ending in anding Inventory unit Inventory
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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