$1$

Required Information

$[$The following information applles 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 $$20$ each.

Purchases on December $7$

Purchases on December $14$

$10$ units @ $ $6$ cost

$20$ units @ $$12$ cost

$15$ units @ $$14$ cost

Purchases on December $21$

Requlred:

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