[The following information applies to the questions displayed below.] Trey Monson starts...

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Accounting

[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 15 units for $24 each.
Purchases on December 710 units @ $10.00 cost
Purchases on December 1420 units @ $16.00 cost
Purchases on December 2115 units @ $18.00 cost

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