Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.

Question:

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 cost

Required

Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

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