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 18 units for $10 each.

Purchases on December 7	8 units @ $4.00 cost
Purchases on December 14	26 units @ $6.00 cost
Purchases on December 21	18 units @ $7.00 cost

Required: Monson sells 18 units for $10 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.

Perpetual LIFO:

Goods purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

Cost of Goods Available for Sale

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

December 7

December 14

December 15

December 21

Totals