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 $35 each. 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 equired: Determine the costs assigned to the December 31 ending hventory based on the FIFO method.

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 $35 each. 10 units @ $21.00 cost 20 units @ $27.00 cost 15 units @ $29.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 equired: Determine the costs assigned to the December 31 ending hventory based on the FIFO method.

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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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