(Answered) Question - trey monson starts a merchandising business on

Accounting

Question - Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 10 units for $50 each.

Purchases on December 7 - 8 units @ $20 cost

Purchases on December 14 - 17 units @ $30 cost

Purchases on December 21 - 15 units @ $36.00 cost

Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

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