meducation.com/ext/map/index.html?_con=con&external browser=0&launchUn=https%253A%252F%252Flms.mheducation.com mapter 5 Saved Required information 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units $21.80 cost 30 units @ $25.ee cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monsony uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO: Goods Purchased COSPA Goods Purchase Cos of Goods Sold CON Per Us Solu Goods Sold of Cost of Date Ut Inventory Balance CON Per Inventory #of Units Unit Balance 10 400 6 140.00 Sole 2100 S756,00 December 20 SOOH 3 280 OD Required information menog Perpetual FIFO: Goods Purchased cost of Goods Sold Inventory Balance #of Date #of Units Cost Per Unit Goods Purchased Cost Per Unit Units Sold Cost of Goods Sold # of Units Cost Per Unit Inventory Balance December 7 201 @ $ 14.00 $ 280,00 10@ S 14.00] = $ 140.00 58 December 14 36 @ s 21.00= $ 756.00 38 @ 21.00 $ 756.00 $ 756.00 December 15 S 380.00 11 December 21 30@5 25.00 $ 750.00 30 el $ 12.00 = 30 @ s 25.00) = + $ 750.00 $1.110.00 Totals Next > here to search