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! Required information [The following 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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 coat 35 units $15.00 cost 28 units $18.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Cost of Goods Sold # of Cost Por Cost of Goods Units Unit Sold Sold Goods Purchased # of Units Cost Per Goods Unit Purchased Dato Inventory Balance of Units Cost Por Inventory Unit Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $10.00 cost 35 units $15.00 cost 28 units $18.00 cost Required: Determine the costs assigned to the December 31 ending Inventory based on the FIFO method. Inventory Balance Date Perpetual FIFO Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Goods Purchased # of Units Cost Per Goods Unit Purchased of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals

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