QS 5-11 Perpetual: Inventory costing with LIFO LO P1

Required:

Monson sells 27 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.

, 6 Safari File Edit View History Bookmarks window Help ' 9 L21 '{e' 38%lEl- Thu10:49PM Q o O O O El] ' newconnect'mheducationcom 1 51 ' Chp 5 Quick Study 0 Saved Help Save 1. Exit Submit Check my work 5 Required information Use the following Information for the Quick Study below. Pm, 0M Trey Mcnscn starts a merchandising business on December1 and enters into the following three inventory purchases. _ Also, on December 15, Monson sells 27 units for $20 each. 10 Purchase: on December 7 17 units a $9.00 cost: palms Purchases on December 14 34 units a $12.00 cost: Purchases on December 21 27 units a sumo cost: eEook as 511 Perpetual: Inventory costing with LIFO LO P1 Hint Required: Morison sells 27 units for $20 each on December 15. Manson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Prim Perpetual L 0: TI References December 7 = December 14 = December 15 = December 21 = Totals Next )