Hw7

visame Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units @ $24.00 cost 27 units $29.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 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 Per Goods Unit Purchased #of Units Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Inventory Balance Dato Sold Unit December 7 December 14 10 Prir 199 Nort Perpetual FIFO: Goods Purchased Inventory Balance Date #of Units Cost Per Unit Goods Purchased Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals