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Required information Trey Monson starts a merchandising business on December 1 and enters into the...

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Accounting

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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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Required: Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Date Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost per Cost of Goods unit Sold # of units Inventory Balance unit December 7 20 @ $ 14.00] = $ 280.00 201 @ $ 14.00 = $ 280.00 December 14 361 @ $ 21.00= $ 756.00 20@ $ 14.00 = $ 280.00

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