Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to cents.)

Question

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory
purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost
Purchases on December 21 15 units @ $14.00 cost Required
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory
based on the FIFO method. (Round per unit costs and inventory amounts to cents.)

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