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 $45 each.

95 5-10 Perpetual: Assigning costs with FIFO L0 P1 Treyr Mensch starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Morison sells 25 units for $45 each. Purchases on December 1' Purchases on December 14 29 units @ $2? Purchases on December 21 Required: 15 units @ $16 25 units @ $32 .00 cost .00 cost .00 cost Morison uses a perpetuei inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. P_erpetual FIFO: _-I-_-I-I--I-I! --I--lI-I--I-I- 14 \"m\" - 21 15 D