accounting I

Required information Use the following information for the Quick Study below..... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 20 units @ $14.00 cost Purchases on December 21 36 units @ $21.00 cost 30 units @ $25.00 cost QS 6-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 30 units for $35 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods # of # of units # of units Cost per Available for units Cost Cost of Cost per Ending unit Sale per unit Goods Sold in ending sold inventory unit Inventory Purchases. December 7 December 14 December 21 Total