Use the following information for the Quick Study below. (Algo) (11-14) The following information applies...
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Accounting
Use the following information for the Quick Study below. (Algo) (11-14) 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 25 units for $45 each. Purchases on December 7 15 units $18.00 cost Purchases on December 14 29 units $27.00 cost Purchases on December 21 25 units 332.00 cost QS 6-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method
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