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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 $35 each.
Purchases on dec 7 20 units @ $14.00 cost Purchases on dec 14 36 units @ $21.00 cost Purchases on dec 21 30 units @ $25.00 cost
Problem 1) Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Problem 2) Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
Problem 3) Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Problem 4) Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification
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