Question
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 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $29 each.
| Purchases on December 7 | 10 units @ $15.00 cost |
|---|---|
| Purchases on December 14 | 20 units @ $21.00 cost |
| Purchases on December 21 | 15 units @ $23.00 cost |
Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method Step by Step Solution
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Management Accounting A Business Planning Approach
Authors: Noah P. Barsky, Jr. Anthony H. Catanach
2nd Edition
1516506286, 978-1516506286
