Question

Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 18 units @ $14.00 cost Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost 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

Answer 1