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stuck on this Trey Monson starts a merchandising business on December...

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Accounting

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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units $12.00 cost 30 units $18.00 cost 23 units 522.00 cost Required: Monson sells 23 units for $30 each on December 15, Monson uses a perpetual inventory system. Determine the costs assigned to December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Available for unit Sale Date # of Cost per W of units sold Cost per Cost of Goods unit Sold of units Cost per unit Inventory Balance 13 er 5 12.00 - $ 156.00 December 7 December 14 13 0 5 12.00 5 156 00 30 $ 18001 - $ 540.00 13 @ $12.00 30 S 18.00 5 156.00 540.00 5 696.00 December 15 23es 3000 $690.00 131 s 1200 des 30.00 5 156 00 210.00 536600 December 21 23 et $ 22.00 $ 506 00 2012 2010 23es 22.00 Totals 5 506.00 $690.00 ENE

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