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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 $15$ units for $$40$ each.

Purchases on December $710$ units @ $$26\mathrm{.}00$ costPurchases on December $1420$ units @ $$32\mathrm{.}00$ costPurchases on December $2115$ units @ $$34\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. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{10\}\{|$c$|\}\{$Perpetual FIFO:$\}\backslash \backslash$

$\backslash$hline & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Goods Purchased$\}$ & $\backslash$multicolumn$\{3\}\{|$r$|\}\{$Cost of Goods Sold$\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline Date & $\backslash$# of Units & Cost Per Unit & Goods Purchased & $\backslash$begin$\{$tabular$\}\{$l$\}$

$\backslash$# of $\backslash \backslash$

Units $\backslash \backslash$

Sold

$\backslash$end$\{$tabular$\}$ & Cost Per Unit & Cost of Goods Sold & $\backslash$# of Units & Cost Per Unit & $\backslash$begin$\{$tabular$\}\{$l$\}$

Inventory $\backslash \backslash$

Balance

$\backslash$end$\{$tabular$\}\backslash \backslash$

$\backslash$hline December $7$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline December $14$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline & & & & & & & & & $\backslash \backslash$

$\backslash$hline Total December $14$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline December $15$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline & & & & & & & & & $\backslash \backslash$

$\backslash$hline Total December $15$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline December $21$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline & & & & & & & & & $\backslash \backslash$

$\backslash$hline Totals & & & & & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$