Question

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 20 units $10.00 cost Purchases on December 14 36 units $15.00 cost Purchases on December 21 30 units $18.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual ELEO Cost of Goods Sold Goods Purchased Inventory Balance of Cost per cost of Goods Cost Per Inventory Units of Units Sold Unit Unit Balance Cost Per of Goods Date Units Purchased December 7 December 14 December 15 December 21 Totals



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