The following information applies to the questions displayed below.
Trey Monson starts a merchandising business on December and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December Monson sells units for $ each.
Purchases on December
Purchases on December
Purchases on December
units@$ cost
units @$ cost
units@$ cost
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
tablePerpet,,,,,,,,Goo,ds purcha:,sed,,, of Goods,Sold,,Atory Balano,,Date# of unit,,tableCostperunittableCost ofGoodsAvailable forSaletable# ofunitssoldtableCostperunittableCost ofGoods Sold# of units,,tableCostperunittableventoryalanceDecember at $at$
