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 Cost Per Unit Goods Purchased # of Units Sold Cost Per Unit Cost of Goods Sold Cost Per Unit Inventory Balance # of Date # of Units Units December 7 December 14 December 15 December 21 Totals
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 Cost Per Unit Goods Purchased # of Units Sold Cost Per Unit Cost of Goods Sold Cost Per Unit Inventory Balance # of Date # of Units Units December 7 December 14 December 15 December 21 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Cost Per
Unit
Goods
Purchased
# of
Units
Sold
Cost Per
Unit
Cost of
Goods Sold
Cost Per
Unit
Inventory
Balance
# of
Date
# of Units
Units
December 7
December 14
December 15
December 21
Totals
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