v ezto.mheducation.com + M Question 7 - Final Exam - Connect C Home - Learn with Chegg | Chegg.com Final Exam @ Saved Help Save & Exit Submit 7 Required information [The following information applies to the questions displayed below.] Part 1 of 2 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 $35 each. 8 Purchases on 10 units @ $21.00 00:55:55 December 7 cost Purchases on 20 units @ $27.00 December 14 cost Purchases on 15 units @ $29.00 December 21 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost Goods # of Cost Cost of Cost Inventory Units Per Purchased Units Per Goods # of Units Per Unit Sold Unit Sold Unit Balance December December 14 Total December 14 December 15 Total December 15 December 21 Totals N @l m Question 9 - Final Exam - Connect Final Exam Eaved Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general Jjournal. Identify the journal in which each of the transactions should be recorded. May 2|Paid salary of $6,800 to J. Terry by issuing check number 543. 3 May 5| The owner contributed $8,890 cash to the company. 00:55:49) May 7|Borrowed $9,000 cash by signing a note payable to the bank. May 8|Paid Liggins $6,000 cash for the merchandise purchased on May 3. 12|Purchased $2,400 of merchandise on credit from Daring Corporation terms n/60. 16 19 25 Sold used office equipment (noninventory) for $3,402 cash to DeRozan Corporation. %