Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 7 15 units @ $18.00 cost

Purchases on December 14 30 units @ $27.00 cost

Purchases on December 21 25 units @ $32.00 cost

Required:

Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

enson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on ethod. erpetual FIFO: Goods Purchased # of Units Date Cost Per Unit Goods Purchased Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Soid Sold Inventory Balance #of Units Cost Per Inventory Unit Balance December 7 December 14 December 15 December 21 Totals Next >