2 Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: 14 Date December 7 December December 15 December 21 Totals Goods Purchased Cost Per Unit 20 @ $14.00 = # of Units 36 @ $ 21.00 30 @ $25.00 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Goods Purchased = $280.00 $756.00 $ 750.00 # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Sold Unit 16 @ 14 @ $14.00 = $ 21.00 = Prey $ 224.00 $294.00 + $ 518.00 2 of 6 Inventory Balance Cost Per Unit # of Units 20 @ 20 @ 36 @ --- T 4 @ 4 @ 22 @ $ 14.00 = $ 14.00 = $ 21.00 = $ 14.00 = $ 14.00 = $ 21.00 = Next > Inventory Balance $ 280.00 $ 280.00 756.00 $1,036.00 $ 56.00 $ 56.00 $ 462.00 $ 518.00

Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Also, on December 15 , Monson sells 30 units for $35 each. Requlred: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method