This is a four step problem.

Part 1

Part 2

Part 3

Part 4

Required information [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 30 units for $40 each Purchases on December 7 20 units @ $16.ee cost Purchases on December 14 35 units @ $24.ee cost Purchases on December 21 30 units $29.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Inventory Balance Perpetual FIFO: Cost of Goods Sold #of Cost Per Cost of Goods Units Unit Sold Sold Date Goods Purchased Cost Per Goods of Units Unit Purchased #of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals Required information [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 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units $16.00 cost 35 units @ $24.00 cost 30 units $29.ce cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Inventory Balance Perpetual LEO: Goods purchased Cost of Goods Sold Cost of Goods W of # of units Cost per Cost of Goods unit units unit Sale sold Sold Date Cost per Available for Cost per # of units Inventory Balance December 7 $ 0.00 $ 0.00 December 14 Total December 14 $ 0.00 December 15 Total December 15 $ 0.00 December 21 Totals Required information [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 30 units for $40 each. Purchases on December 7 20 units @ $16.60 cost Purchases on December 14 35 units @ $24.00 cost Purchases on December 21 30 units $29.60 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold 8 of Cost per unit Cost per Cost of Goods Inventory Value units unit sold Sold Date Inventory Balance Inventory Cost per unit Balance # of units # of units December 7 December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals [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 30 units for $40 each. Purchases on December 7 20 units @ $16.00 cost Purchases on December 14 35 units @ $24.00 cost Purchases on December 21 30 units @ $29.00 cost of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Available for Sale Cost of Goods Sold Cost of Goods of Available for Cost Cost of units unit Sale sold per unit Goods Sold Cost per #of units Ending Inventory of units Cost In ending per Ending unit Inventory Inventory Purchases December 7 December 14 December 21 Total