Ch $5$: Assignment i

Required information

Use the following information for the Quick Study below. $($Algo$)(11-14)$

$[$The following information applies 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 $$39$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

$10$ units $$25\mathrm{.}00$ cost

$20$ units $$31\mathrm{.}00$ cost

$15$ units $$33\mathrm{.}00$ cost

QS $5-11($Algo$)$ Perpetual: Assigning costs with FIFO LO P$1$

Required:

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