Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
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Question:
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.
Purchases on December 715 units @ $18.00 costPurchases on December 1430 units @ $27.00 costPurchases on December 2125 units @ $32.00 cost
Required:
Monson sells 25 units for $45 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.
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