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! Required information [ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1 and enters
Required information
The following information applies to the questions displayed below.
Trey Monson starts a merchandising business on December and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December Monson sells units for $ each.
Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
tablePeriodic FIFO:Goods Available for Sale,Cost of Goods Sold,Ending Inventory# of units,tableCost perunittableCost of GoodsAvailable forSaletable# ofunitssoldtableCostper unittableCost ofGoods Soldtable# of unitsin endinginventorytableCost perunittableEndingInventoryPurchases:December December $December TotalTrey Monson starts a merchandising business on December and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December Monson sells units for $ each.
Purchases on December units @ $ cost
Purchases on December units @ $ cost
Purchases on December units @ $ cost
Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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