undefined

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 29 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units $28.a cost 36 units $30.00 cost 29 units $35.00 cost QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFO method Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date #of Units Cost Per Unit Goods Purchased # of Units Sold Cost Per Unit Cost of Goods Sold # of Units Cost Per Unit Inventory Balance December 7 December 14 December 15 December 21 Totals 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 29 units for $50 each Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units $28.28 cost 36 units @ $38.a cost 29 units @ $35.00 cost QS 5-11 Perpetual: Inventory costing with LIFO LO P1 Required: Monson sells 29 units for $50 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. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost of Goods Cost per unit Available for Sale # of units sold # of units Cost per Cost per Date Cost of Goods Sold # of units unit unit Inventory Balance December 7 December 14 December 15 December 21 Totals