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Required information

Use the following information for the Quick Study below. $($Algo$)(11-14)$

$[$The following information applies to the questions displayed below.$]$

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 $15$ units for $$35$ each.

Purchases on December $7,10$ units @ $$21\mathrm{.}00$ cost

Purchases on December $1420$ units @ $$27\mathrm{.}00$ cost

Purchases on December $21,15$ units @ $$29\mathrm{.}00$ cost

QS $5-11($Algo$)$ Perpetual: Assigning costs with FIFO LO P$1$

Required:

Determine the costs assigned to the December $31$ ending inventory based on the FIFO method.