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.

, 6 Safari File Edit View History Bookmarks window Help 00- :1; a: e 1;! '{s main- Thu10:46PM Q o Chp 5 Quick Study 0 Saved Help Save 1. Exit Submit Check my work Required information Use the following Information for the Quick Study below. Trey Monson starts a merchandising business on Decemberi and enters into the following three inventory purchases. F n1 r4 . ; Also, on December 15, Monson sells 27 units for $20 each. 10 Purchases on December 7 17 units a $8.00 Cost: mm Purchase: on December 14 34 unit! a $12.00 cost: p Purchases on December 21 27 units 9 $10.00 cost: 05 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. I! Prim menial FIFO: Ki References Deoember 7 December 14 December 15 December 21 Totals an (Prev 4567 M7 Next)