Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purc Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units $18.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based method Perpetual FIFO: Cost of Goods Sold Inventory Balance Goods Purchased Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Cost per Available for unit Sale Date # of units # of units sold Cost per Cost of Goods unit Sold # of units Cost per Inventory Balance unit December 7 $ 0.00 December 14 $ 0.00 5 0.00 December 15 $ 0.00 December 21 Totals Perpetual FIFO: Goods Purchased Inventory Balance Date #of Units Cost Per Unit Goods Purchased Cost of Goods Sold # of Cost Per Cost of Goods Units Sold Unit Sold # of Units Cost Per Unit Inventory Balance 15 @ $ 10.00 $ 150.00 15 @ $ 10.00 = $ 150.00 December 7 December 14 30 @ $ 15.00 $ 450.00 $ 150.00 15 @ $ 10.00 - 30 @ $ 15.00 - 450 00 $ 600.00 December 15 $ 450.00 15 @ $ 10.00 - $ 150.00 30@ 15.00 = 25 @ $ 25.00 = $ 625.00 25. December 21 $18.00 5.450.00 151 @ $ 10.00 = $ 150,00 $1.075.00 5 150 00 Totals Required: Monson sells 25 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs a ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 de Weighted Average - Perpetual: Goods purchased Date Cost per # of units Cost of Goods Sold # of units Cost of unit sold Goods Sold Cost per Inventory Value Inventory Balance # of units Inventory unit Balance Cost per unit December 7 $ 0.00 December 14 $ 0.00 $ 0.00 Average cost December 15 $ 0.00 December 21 50.00 Average cost Totals $ 0.00 HEY4U. Monson sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December inventory when costs are assigned based on specific identification of 4 Specific Identification-Perpetual: Goods purchased Date Cost per # of units Cost of Goods Sold Inventory Balance Cost per Cost of Goods # of units Inventory unit Sold unit Balance #of units sold Cost per unit December 7 December 14 ences December 15 December 21 S Next