Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.

Purchases on December 7	10 units @ $ 6.00 cost
Purchases on December 14	20 units @ $12.00 cost
Purchases on December 21	15 units @ $14.00 cost

Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.

Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.

Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.

Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 0.00 $ 0.00 December 15 @ December 21 $ 0.00 a @ Totals Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units Inventory Value # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit unit December 7 $ 0.00 December 14 $ 0.00 Average cost $ 0.00 December 15 $ 0.00 December 21 $ 0.00 Average cost Totals Specific IdentificationPerpetual: Goods purchased Inventory Balance Cost of Goods Sold # of Cost of units unit Goods Sold sold Cost per Cost per Date Cost per unit # of units # of units Inventory Balance unit December 7 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 0.00 | A 0.00 December 21 $ 0.00 Totals