Show Help Save & Che 07 5 Trey Monson starts a merchandising business on December and enters into the following the inventory purchases Monson uses a perpetual inventory system. Also on December 15. Monson sells 10 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 3 units $20.ee cost 17 units & 53.ee cost 35 units $36.ee cost Part 1 of 4 714 po QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 of Units Conte Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method Erpetual LEO: Goods Purchased Costel Goods Sald Imetery, Balance Date Goods of Units Cost Per cost of Goods Cost Per Inventory Unit Purchased of Units Unit Sold Und December 7 lat $ 20.00 $ 16000 $ 20.001 - 16000 1 3 3000 5 51000 0 1 20.00 - $ 100.00 December 14 171 30.00 51000 To December 14 157000 20.005 180.00 December 15 lo Total December 15 15 $36.00 $ 540.00 December 21 $100.00 Total Prey 5 6 Mc Graw 7 B of 4 !!! Next >