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Trey Monson starts a merchandising business on December and enters into the following three inventory purchases.
Monson uses a periodic inventory system. Also, on December Monson sells units for $ each.
Purchases on December units @ $ cost
Purchases on December units @ $ cost
Purchases on December units @ $ cost
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
tablePeriodic LIFO:Cost of Goods Available for Sale,Cost of Goods Sold,Inventory Balance# of units,tableCost perunittableCost of GoodsAvailable forSaletable# ofunitssoldtableCostper unittableCost ofGoods Soldtable# of unitsin endinginventorytableCost perunittableEndingInventoryPurchases:December $$$
