Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [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 $23 each. Purchases on December 7 10 units @ $9.00 cost Purchases on December 14 20 units @ $15.00 cost Purchases on December 21 15 units @ $17.00 cost

Date December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals # of Units 10 at 20 Goods Purchased 15 at at Cost Per Unit $9.00 $ 15.00 $ 17.00 Goods Purchased = $90.00 $ 300.00 $ 255.00 X Answer is not complete. Perpetual FIFO: # of Units Sold Cost of Goods Sold Cost Per Unit 10 at $9.00 Cost of Goods Sold $90.00 $90.00 # of Units 10 20 15 Inventory Balance at at at Cost Per Unit $ 15.00 $ 17.00 || = Inventory Balance $300.00 $300.00 $255.00 $255.00