Question: I really need some help with lifo accounting :/ Any help would be very much appreciated. Thanks! Trey Monson starts a merchandising business on December
I really need some help with lifo accounting :/ Any help would be very much appreciated. Thanks!
| Trey Monson starts a merchandising business on December 1 and enters into three inventory purchase: |
| Purchases on December 7 | 10 units @ $ 6.00 cost |
| Purchases on December 14 | 20 units @ $12.00 cost |
| Purchases on December 21 | 15 units @ $14.00 cost |
Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
This is what I have but I'm pretty sure it's incorrect:
I'm really confused.
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