$17$

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 $$32$ each.

QS $5-11($Algo$)$ Perpetual: Assigning costs with FIFO LO P$1$

Required:

Determine the costs assigned to the December $31$ ending inventory based on the FIFO method.

$\backslash$table$[[$Perpetual FIFO:$],[$Date$,$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[$# of Units,$\backslash$table$[[$Cost Per$],[$Unit$]],\backslash$table$[[$Goods$],[$Purchased$]],\backslash$table$[[$# of$],[$Units$],[$Sold$]],\backslash$table$[[$Cost Per$],[$Unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of Units,$\backslash$table$[[$Cost Per$],[$Unit$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$December $7],[$December $14],[$Total December $14],[],[$December $15],[,,,,,,3,,,],[$Total December $15],[$December $21],[],[$Totals$,,,,,,,,,]]$