I went wrong somewhere please help Requlred InformatlonTrey 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 $35 each.Purchases on December 720 units @ $14.00 cost36 units @ $21.00 cost30 units @ $25.00 costPurchases on December 14Purchases on December 21Requlred:Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending Inventory based on the FIFOmethod.* Answer is not complete.Perpetual FIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofUnitsSoldCostCostPerUntCostPerUnit# ofGoodsPurchasedCost ofInventoryBalanceDatePerUnit# of UnitsUnitsGoods SoldDecember7IS14.00S 280.0020@20| 14.00280.00December14IS21.00S14.0036 O @20 VS 280.00=756.0036 O@S21.00756.00=S1.036.00December1520 O@S20.00S400.0010 O@S 150.0015.00IS25.00December30 O@21750.00TotalsS 550.00

Introduction: FIFO: FIFO Stands for First in First out. Which means first received inventory to be…

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 $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 cost

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 $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.e0 cost 30 units @ $25.00 cost

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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