Required Information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost # of Cost Cost of Cost # of Goods Inventory Date Per Units Per Goods # of Units Per Units Purchased Balance Unit Sold Unit Sold Unit December 7 December 14 December 15 December 21 Totals Required: Monson sells 15 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. Cost of Goods Sold Perpetual LIFO: Goods purchased Cost of Cost # of Date Goods units per Available unit for Sale December $ 0.00 # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units Inventory per unit Balance 7 December 14 $ 0.00 $ 0.00 December 15 December $ 0.00 21 Tatale Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of Cost Cost of # of Cost per Inventory Date units units Goods unit Value per sold unit Sold December $0.00 7 December $0.00 14 Inventory Balance Cost # of Inventory units per Balance unit $ 0.00 Average cost December 15 $ 0.00 December 21 $0.001 Average cost Totals Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost # of Cost Cost of # of Cost # of Inventory Date per units units per Goods per units Balance unit sold unit Sold unit December 7 December 14 December 15 December 21 Totals