Saved Use the following information for the Quick Study below. Trey Monson starts a merchandising...
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Saved 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 30 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units e $36.00 cost QS 6-10 Perpetual: Assigning costs with FIFO LO P1 I 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 # of Units Cost Per Inventory Unit Balance # of Units Date Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Sold Cost Per Unit Goods Purchased December 7 December 14 December 15 Required information Required: onson 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 Date # of Units Cost Per Unit Goods Purchased Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals
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