Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of Units

Cost Per Unit

Goods Purchased

# of Units Sold

Cost Per Unit

Cost of Goods Sold

# of Units

Cost Per Unit

Inventory Balance

December 7

December 14

December 15

December 21

Totals