[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Total December 15 Totals December 21 Goods Purchased 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost # of Units Cost Per Unit Goods Purchased Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. 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 cost 20 units $12 cost 15 units $14 cost QS 5-11 (Static) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method