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FIFO, LIFO, Weighted Average, & Specific Identification? [The following information applies to the questions displayed below Trey Monson starts a merchandising business on December 1

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[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. Also, on December 15, Monson sells 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units $2000 cost 34 units $3000 cost 30 units $3600 cost 1.50 points Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round cost per unit to 2 decimal places.) Perpetual FIFO #of Units Sold Unit Cost of Goods| Sold Cost Per #of Units Cost Per Unit Goods #0f Units #of Units Cost Per Inventory Date Unit December 14 15 December 21 Totals

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