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. Expanded table Goods Purchased Cost of Goods Sold Cost per Cost per # of Units Date # of Units Sold Goods Purchased Inventory Balance Cost Per # of Units Inventory Unit Balance unit Cost of Goods Sold unit December 7 December 14 December 15 December 21 true Totals 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 a $ 6.00 cost 20 units ? $12.00 cost 15 units @ $14.00 cost 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 the LIFO method. Perpetual LIFO: Inventory Balance Goods Purchased Cost per Goods unit Purchased Cost of Goods Sold # of Cost per Units Cost of Sold unit Goods Sold Date # of Units # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 true Totals 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 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. Inventory Balance Weighted Average - Perpetual: Goods purchased # of Inventory Cost per Date units unit Value December 7 $ 0.00 Cost of Goods Sold # of Cost per Cost of units unit Goods Sold sold # of units Cost per unit Inventory Balance December 14 $ 0.00 S 0.00 Average cost December 15 $ 0.00 December 21 $ 0.00 Average cost Totals