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Summary QuestionPurchases on December 7 10 units @ $23.00 cost Purchases on December 14 20 units @ $7.99   Add to cart
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Summary QuestionPurchases on December 7 10 units @ $23.00 cost Purchases on December 14 20 units @
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Purchases on December 7 10 units @ $23.00 cost PurchasesQuestionPurchases on December 7 10 units @ $23.00 cost Purchases on December 14 20 units @ $29.00 cost Purchases on December 21 15 units @ $31.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assi...

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  • October 6, 2024
  • 4
  • 2024/2025
  • Summary

Subjects

  • ill gu
  • purchases on december 7 10 units 2300 cost pur
  • first out method under a perpetual inventory sys
  • we need to track each purchase and sale transacti
  • since sales data is missing from your question

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Purchases on December 7 10 units @ $23.00 cost Purchases on December 14 20

units @ $29.00 cost Purchases on December 21 15 units @ $31.00 cost QS 5-11

(Algo) Perpetual: Assigning costs with FIFO LO P1 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 Units Cost Per Goods # of Cost Per Cost of Goods # of Units Cost Per

Inventory Unit Purchased Units Sold Unit Balance Sold Unit December 7

December 14 Total December 14 December 15 Total December 15 December

21 Totals




Answer & Explanation


To determine the costs assigned to the December 31 ending inventory using the

FIFO (First-In, First-Out) method under a perpetual inventory system, we need

to track each purchase and sale transaction. However, since sales data is missing

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