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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

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 30 units for $35 each.

Purchases on December 7	20 units @ $14.00 cost
Purchases on December 14	36 units @ $21.00 cost
Purchases on December 21	30 units @ $25.00 cost

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Perpetual LIFO

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