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 $38 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Total December 15 December 21 10 units @ $24.00 cost 20 units @ $30.00 cost 15 units @ $32.00 cost Goods Purchased Cost Per Unit # of Units Goods Purchased Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

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 $38 each. Purchases on Decenber 7 Purchases on Decenber 14 Purchases on Decenber 21 10 units 9$24.00 cost 20 units 8$30.00 cost 15 units 832.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method