80.2K

Verified Solution

Link Copied!

Required information 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 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost AS 6-10 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 QS 6-10 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 Inventory Balance Cost Per Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold # of Units Cost Per Unit Date Inventory Balance # of Units Goods Purchased December 7 December 14 Perpetual FIFO: Goods Purchased Inventory Balance Cost Per # of Units Date Cost of Goods Sold # of Cost Per Cost of Goods Units Unit Sold Sold Cost Per Unit Goods Purchased # of Units Inventory Balance December 7 December 14 December 15 December 21 Totals

Answer & Explanation Solved by verified expert

See Answer