Use the following information for the Quick Study below. Algo
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
units @ $ cost
Purchases on December
units @ $ cost
Purchases on December
units @ $ cost
QS Algo Perpetual: Assigning costs with FIFO LO P
Required:
Determine the costs assigned to the December ending inventory based on the FIFO method.
tableDatePerpetual FIFO:,Inventory Balanceods Purcl,sed,,ost of Goc,ds Sold# of Units,tableCost PerUnittableGoodsPurchasedtable# ofUnitsColdtableCost PerUnittableCost of GoodsSold# of Units,tableCost PerUnittableInventoryBalance
