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Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Goods Purchased Date # of Units Cost Per

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Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Goods Purchased Date # of Units Cost Per Unit December 7 December 14 Total December 14 December 15 Total December 15 December 21 Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Units Cost Per Cost of Goods Unit Sold # of Units Sold Inventory Balance Cost Per Unit Inventory Balance

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