QS 5-10 Perpetual: Assigning costs with FIFO LO P1

QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each Purchases on December7 Purchases on December 14 Purchases on December 21 15 units@ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Units Cost Per Unit Goods Purchased #of Units Cost Per Cost of Goods Cost Per Inventory Balance Date # of Units Unit Sold Unit 15 15$ 10.00 30|@ $ 15.001- December 7 15|@ $ 10.00| - | $ 150.00 10.00150.00 December 30$ 15.00450.00 150.00 450.00 $ 600.00 December 25$ 25.00625.00 December 21 25 18.00$450.00 $ 10.00 S 15.00 Totals $ 625.00