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 27 units for $20 each.

Purchases on December 7	17 units @ $8.00 cost
Purchases on December 14	34 units @ $12.00 cost
Purchases on December 21	27 units @ $14.00 cost

QS 5-15A (Algo) Perpetual: Inventory costing with FIFO LO P3

Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of Units

Cost Per Unit

Goods Purchased

# 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