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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 the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFO method nces Perpetual FIFO Goods Purchased Date # of Units Cost Per Unit Goods Purchased Cost of Goods Sold # of Units Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Inventory Unit Balance Sold December 7 10 @ $ 6.00 = $ 60.00 101 @ $ 6.00 = $ 60.00 December 14 20 @ $ 12.00 $ 240.00 10 @ $ 6.00 = $ 60.00 20 @ $ 12.00= 240.00 w

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