Refer to the information in QS 6-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Data From QS 6-11

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.

Required

Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Transcribed Image Text:

Purchases on December 7.... Purchases on December 14.... 20 units @ $12 cost 10 units @ $ 6 cost Purchases on December 21.... 15 units @ $14 cost