Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] 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 $32 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $18.00 cost 20 units@ $24.00 cost 15 units @ $26.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] 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 $32 each. Purchases on December 7 Purchases on December 14. Purchases on December 21 10 units @ $18.00 cost 20 units@ $24.00 cost 15 units @ $26.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] 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 $32 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $18.00 cost 20 units @ $24.00 cost 15 units @ $26.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
![Use the following information for the Quick Study below. (Algo) (11-14)
[The following information applies to the questions displayed below.]
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 $32 each.
Purchases on December 7
Purchases on December 14.
Purchases on December 21
10 units@ $18.00 cost
20 units@ $24.00 cost
15 units @ $26.00 cost
QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b8a59c4-8aad-43e5-9864-c65a7693fffc%2Fda2c1573-ea2a-4a6c-a387-93e3170ac5df%2Fm1piko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following information for the Quick Study below. (Algo) (11-14)
[The following information applies to the questions displayed below.]
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 $32 each.
Purchases on December 7
Purchases on December 14.
Purchases on December 21
10 units@ $18.00 cost
20 units@ $24.00 cost
15 units @ $26.00 cost
QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1
Required:
Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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