Required information [The following information applies to the questions displayed below.) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units 8 $16.00 cost 33 units 27 units $24.00 cost $29.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Ending Inventory Cost per Periodic FIFO: Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold sold # of units In ending Inventory unit Purchases: December 7 17 $ 16.00 $ 272 17 $ 16.00 $ 272 December 14 33 24.00 792 17 24.00 408 $ 24.00 December 21 27 29.00 783 27 29.00 783 29.00 Total 77 $ 1,847 61 $ 1,463 < Prev Ending Inventory F 82 11 12 13 of 18 Next >