Trey Monson starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. 18 units @ $14.00 cost Purchases on December 7 Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory 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 Cost of Goods Unit Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 Noxt Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit December 7 December 14 December 15 December 21 Totals Cost of Goods Sold Inventory Balance # of Goods Purchased Units Sold Cost Per Cost of Goods Unit Cost Per Inventory # of Units Sold Unit Balance Prev 7 00 S 9 10 of 17 Next >>