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

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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 30 units for $50 each. 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of Date Cost per Cost of Goods Sold Cost per Cost per unit Inventory Balance # of units # of units Available for Sale units sold unit unit December 7 20 at $ 20.00 $ 400.00 20 at $ 20.00 = $ 400.00 %3D 34 at $ 30.00 $ 1,020.00 20 at $ 20.00 = $ 400.00 December 14 34 at $ 30.00 = 1,020.00 Total December 14 $1,420.00 30 at December 15 Total December 15 $ 0.00 December 21 Totals 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 30 units for $50 each. 20 units @ $20.00 cost 34 units @ $30.00 cost 30 units @ $36.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Cost of Goods # of Date Cost per Cost of Goods Sold Cost per Cost per unit Inventory Balance # of units # of units Available for Sale units sold unit unit December 7 20 at $ 20.00 $ 400.00 20 at $ 20.00 = $ 400.00 %3D 34 at $ 30.00 $ 1,020.00 20 at $ 20.00 = $ 400.00 December 14 34 at $ 30.00 = 1,020.00 Total December 14 $1,420.00 30 at December 15 Total December 15 $ 0.00 December 21 Totals

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