11.

Required information

Use the following information for the Quick Study below. (Algo) (11-14)

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[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 15 units for $34 each.

Purchases on December 7	10 units @ $20.00 cost
Purchases on December 14	20 units @ $26.00 cost
Purchases on December 21	15 units @ $28.00 cost

QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1

Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Answer is complete but not entirely correct.

Perpetual LIFO:

Date

Goods purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

Cost of Goods Available for Sale

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

December 7

10selected answer correct

at

$20.00selected answer correct

=

$200.00

10selected answer correct

at

$20.00selected answer correct

=

$200.00

December 14

20selected answer correct

at

$26.00selected answer correct

=

$520.00

20selected answer correct

at

$26.00

=

$520.00

?

at

$26.00

=

520.00

Total December 14

$1,040.00

December 15

?

?

?

$26.00

=

?

$20.00

=

Total December 15

December 21

15selected answer correct

at

$28.00selected answer correct

=

$420.00

15

at

$28.00

=

$420.00

?

at

$28.00

=

$420.00

?

at

$28.00

=

$420.00

Totals

$1,260.00

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