Required informationUse the following information for the Quick Study below. (Algo) (11-14)Skip to question[The following information applies to the questions displayed below.]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 $25 each.Purchases on December 7 10 units @ $11.00 costPurchases on December 14 20 units @ $17.00 costPurchases on December 21 15 units @ $19.00 costQS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Time left 0:50:09Question 5Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAn entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data:  Cost Price Retail Selling PriceInventory of merchandise, June 30 $ 304,000 $ 509,000Purchases during July 222,000 393,000Goods available for sale during July $ 526,000 $ 902,000Net sales during July   $ 370,000Required:a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.

EliteCraft Manufacturing has the following inventory purchases and sales during the month of March:March 1: Beginning inventory of 150 units at $11 eachMarch 8: Purchase of 250 units at $13 eachMarch 12: Sale of 300 unitsMarch 18: Purchase of 200 units at $14 eachMarch 25: Sale of 150 unitsCalculate the ending inventory and cost of goods sold (COGS) using the LIFO method.Question 22Answera.Ending inventory: $1,500; Total COGS: $5,900b.Ending inventory: $2,100; Total COGS: $6,000c.Ending inventory: $1,000; Total COGS: $5,000d.Ending inventory: $1,100; Total COGS: $5,900

Earle sold inventory on credit for $400. The goods were estimated to have a cost of $150. Under the perpetual inventory method, the sale of goods would be recorded as follows: a. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 150; Cr Inventory 150 b. Dr Accounts receivable 400; Sales revenue 400 c. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 250; Cr Inventory 250 d. Dr Accounts receivable 400; Cr Sales revenue 400 Dr Inventory 150; Cr COGS 150

The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials $ 60,000Direct materials used $ 50,000Direct labor costs assigned to production $ 25,000Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1Materials $ ? $ 25,000Work in Process $ 65,000 $ 47,000Finished Goods $ 60,000 $ 43,000 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:Multiple Choice$135,000.$210,000.$160,000.Some other amount.