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 28 units for $25 each Purchases on December 7 18 units $10 00 cost Purchases on December 14 35 units $15 00 cost Purchases on December 21 28 units $18 00 cost QS 6 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

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Question: 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

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 28 units for $25 each.


Purchases on December 7	18 units @ $10.00 cost
Purchases on December 14	35 units @ $15.00 cost
Purchases on December 21	28 units @ $18.00 cost

QS 6-10 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.

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