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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 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December Monson sells units for $ each.
Purchases on December
Purchases on December
Purchases on December
units @ $ cost
units @ $ cost
units @ $ cost
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
tablePerpetual LIFO:DateGoods purchased,Cost of Goods Sold,Inventory Balance# of units,tableCost perunittableCost of GoodsAvailable forSaletable# ofunitssoldtableCost perunittableCost of GoodsSold# of units,tableCost perunittableInventoryBalanceDecember December Total December December Total December
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