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 $37 each.

Purchases on December 7	10 units @ $23.00 cost
Purchases on December 14	20 units @ $29.00 cost
Purchases on December 21	15 units @ $31.00 cost

Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Is this filled in wrong?

Required information Use the following Information for the Qulck Study below. (Algo) (11-14) [The followng information applies to the questions displayed below.] 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 $37 each. Purchases on December 710 units of $23.89 cost PurchasesonDecenber14PurchasesonDecenber.2126urits$29.90cos15urits$31.90cost Purchases on December 2115 units $31.80 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending Inventory based on the FIFO method