Question

# Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for \$35 each. Purchases on December 7 18 units @ \$14.00 cost Purchases on December 14 33 units @ \$21.00 cost Purchases on December 21 28 units @ \$25.00 cost Required: Monson sells 28 units for \$35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.

 Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 \$0.00 December 14 \$0.00 \$0.00 December 15 December 21 \$0.00 Totals

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