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Use the following information for the Quick Study below..... Trey Monson starts a merchandising business...

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Accounting

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Use the following information for the Quick Study below..... Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: 3 Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 29 units @ $27.00 cost 25 units @ $32.00 cost QS 5-14A Periodic: Inventory costing with FIFO LO P3 Required: Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Periodic FIFO: Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold Inventory Balance # of units Cost per Ending in ending unit Inventory Inventory Purchases: December 7 December 14 December 21 Total

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