Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Date December 7 December 14 December 15 December 21 20 units @ $10.00 cost 36 units@ $15.00 cost 30 units @ $18.00 cost # of Units Goods Purchased Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Date December 7 December 14 December 15 December 21 20 units @ $10.00 cost 36 units@ $15.00 cost 30 units @ $18.00 cost # of Units Goods Purchased Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance

Name: Plz do not provide image for answer Trey Monson starts a merchandising
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Description: Plz do not provide image for answer Trey Monson starts a merchandising business on December 1 and enters into the following three inventorypurchases. Also, on December 15, Monson sells 30 units for $25 each.Purchases on December 7Purchases on Decembe

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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