Answers the math problem for me . Key it in the blue boxes only Required information[The following information applies to the questionsdisplayed below.]Trey Monson starts a merchandising business on December1 and enters into the following three inventory purchases.Monson uses a perpetual inventory system. Also, onDecember 15, Monson sells 15 units for $35 each.Purchases on December 7Purchases on December 14Purchases on December 2110 units @ $21.00 cost20 units @ $27.00 cost15 units @ $29.00 costRequired:Determine the costs assigned to the December 31 endinginventory based on the FIFO method.Perpetual FIFO:Cost of Goods Sold# ofGoods PurchasedDateCost PerGoodsCost Per Cost of (# of UnitsUnitsUnitPurchasedUnitSolSoldDecember 710 at$ 9.00$ 90.00$ 15.00$ 75.00at%3DDecember 14Total December 14December 15Total December 1515at$ 17.00$ 255.00December 21Totals ɔ the questionsy business on December· inventory purchases.system. Also, onfor $35 each.units @ $21.00 costunits @ $27.00 costunits @ $29.00 costhe December 31 endingnod.Perpetual FIFO:edCost of Goods SoldInventory Balance# ofGoodsCost Per Cost of GoodsCost PerInventoryUnits# of UnitsPurchasedUnitSoldUnitBalanceSold$ 90.00$ 75.00$ 255.00

Using FIFO Method, it is assumed that earliest bought inventory is sold first and moving forwards.…

Answered: s@ $21.00 cost = @ $27.00 cost @ $29.00…

Business

Accounting

s@ $21.00 cost = @ $27.00 cost @ $29.00 cost December 31 ending

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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