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Accounting - Trey Monson starts a merchandising business on Dec 1 and enters into the following three inventory purchases. Also, on Dec 15, Monson sells
Accounting - Trey Monson starts a merchandising business on Dec 1 and enters into the following three inventory purchases. Also, on Dec 15, Monson sells 25 units for $25. Purchase Dec 7 was 15 units at $10 cost Purchase Dec 14 was 30 units at $15 cost Purchase Dec 21 was 25 units at $18 cost Using perpetual inventory system, what costs are assigned to Dec 31 inventory based on the FIFO method
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