This is a four step problem.

Part 1 (im not sure if i did this correctly) please correct if i am wrong. thank you.

Part 2

Part 3

Part 4

[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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 8 units @ $4.00 cost Purchases on December 14 26 units @ $6.00 cost Purchases on December 21 18 units @ $7.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic ElFO: Goods Available for Sale Cost of Goods Sold Cost of Goods W of Cost per # of units Cost of Available for units unit unit Goods Sold Salo sold Cost per Ending Inventory # of units Ending In ending unit Inventory Inventory Cost per $ Purchases December 7 December 14 December 21 Total 8 s 26 18 52 400 $ 6.00 7.00 5 32 156 126 314 600 700 7.00 18 18 126 126 $ Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 8 units @ $4.00 cost Purchases on December 14 26 units @ $6.00 cost Purchases on December 21 18 units @ $7.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO: Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units Cost of Goods able Sale W of units sold Inventory Balance # of units Cost in ending per Ending unit Inventory inventory unit Cost Cost of per unit Goods Sold $ 0 $ 0.00 $ 0 Purchases December 7 December 14 December 21 Total 0 0.00 ol 0 $ 0.00 0 $ O 0 $ 0 $ 0 [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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units 54.00 cost 26 units @ $6.00 cost 18 units @ $7.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method (Round cost per units to 2 decimal places.) Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Average Cost of # of units Available for Cost per unit sold Goods Sold Sale Unit Cost of Goods of units Ending Inventory # of units Average Ending in ending Cost per unit Inventory inventory Cost per Purchases December 7 December 14 December 21 Total [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 periodic inventory system. Also, on December 15, Monson sells 18 units for $10 each Purchases on December 7 8 units @ $4.00 cost Purchases on December 14 26 units @ $6.60 cost Purchases on December 21 18 units @ $7.00 cost Of the units sold, 6 are from the December 7 purchase and 12 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods # of Cost per Cost Cost of # of units Available for units unit per unit Goods Sold sold Sale Ending Inventory # of units in ending Cost per Ending unit inventory Inventory 0 $ 0 0 $ 0.00 $ 0.00 0 0 Purchases December 7 December 14 December 21 Total 0 8 26 18 52 $0.00 $ 0.00 0.00 5 0 0 $ 0 0 $ 0 0