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Required information [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 $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost Goods Purchased Cost Per Unit # of Units Goods Purchased Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

Required information [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 $37 each. Purchases on Decenber 710 units 0 \$23. 20 cost Purchases on Decenber 1426 units $29.00 cost Purchases on December 2115 units $31. 20 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method

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