Perpetual: Assigning costs with FIFO

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 and enters into the following three inventory purchases Monson uses a perpetual inventory system Also, on December 15, Monson sells 26 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units $18.00 cost QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method Peintus FIFO Goods Purchased Cost of Goods Sold Cost Per Goods of # of Units Cost Per Cost of Goods Units Unit Purchased Unit Sold Sold 16 at $ 10.00 $ 160,00 Inventory Balonce Cost Per Inventory Wol Units Balance Date Unit December 7 33 ot $ 15.00 5 495.00 December 14 Total December 14 26 at $ 15.00 $ 390 00 December 15 26 at $ 1500- $ 39,90 Total December 15 26) at $ 18.00 $ 468.00 December 21 $ 780.00 Totals