Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each.

Purchases on December 78 units @ $4.00 costPurchases on December 1426 units @ $6.00 costPurchases on December 2118 units @ $7.00 cost

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 Goods # of Dalo # of Cost Por Cost Per Cost of Goods Cost Por Invent Units Unit Purchased Units Unit # of Units Sold Sold Unit Balan December 7 Jecember 14 Jecember 15 December 21 Totals Prev 1 2 3 4 of 8 .Next >