1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a periodic inventory system Also, on December 15, Monson sells 15 units for $20 each Purchases on December 7 10 units $ 6 cost Purchases on December 14 20 units $12 cost Purchases on December 21 15 units $14 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method 2 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a periodic inventory system Also, on December 15, Monson sells 15 units for $20 each Purchases on December 7 10 units $ 6 cost Purchases on December 14 20 units $12 cost Purchases on December 21 15 units $14 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method (Round cost per units to 2 decimal places ) 3 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a periodic inventory system Also, on December 15, Monson sells 15 units for $20 each Purchases on December 7 10 units $ 6 cost Purchases on December 14 20 units $12 cost Purchases on December 21 15 units $14 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase Determine the costs assigned to ending inventory when costs are assigned based on specific identification

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1. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also,

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

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

Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

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

Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round cost per units to 2 decimal places.)

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

Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.