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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 units @ $ cost
Purchases on December units @ $ cost
Purchases on December units @ $ cost
Required:
Determine the costs assigned to the December ending inventory based on the FIFO method.
tablePerpetual FIFO:DateGoods Purchased,Cost of Goods Sold,Inventory Balance# of Units,tableCost PerUnittableGoodsPurchasedtable# ofUnitsSoldtableCost PerUnittableCost of GoodsSold# of Units,tableCost PerUnittableInventoryBalanceDecember December Total December December Total December
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