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RACTICE EXAM 4B Saved 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 $25 each. Purchases on December ? 26 units @ $10.60 cost Purchases on December 14 36 units @ $15.09 cost Purchases on December 21 30 units Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost Per Goods # of Cost Per Cost of Cost Per Inventory Units Unit Purchased Units # of Units Sold Unit Goods Sold Unit Balance December 7 December 114 December 15. December 21 Totals Prey 1 2 of 4 Next > Type here to search O Fi g S 3 4 5 6