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Required information Use the following information for the Quick Study below..... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 28 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale Cost of Goods Sold Inventory Balance # of Cost units Cost of sold per unit Goods Sold in ending unit inventory Inventory # of units Cost per Ending Purchases: December 7 December 14 December 21 Total Required information Use the following information for the Quick Study below..... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost QS 5-15 Periodic: Inventory costing with LIFO LO P3 Required: Monson sells 28 units for $45 each on December 15. Assume the periodic inventory system is used. 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 of Goods # of units Cost per Available for unit Sale # of units Cost Cost of per unit Goods Sold Inventory Balance # of units Cost per in ending unit Inventory inventory sold Purchases: December 7 December 14 December 21 Total Required information Use the following information for the Quick Study below... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost QS 5-16A Periodic: Inventory costing with weighted average LO P3 Required: Monson sells 28 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold Cost per # of units Inventory # of units Avg.Cost per Cost of unit Value sold unit Goods Sold Purchase - December 7 Purchase - December 14 Purchase - December 21 Available for Sale December Sales Total