Question

I can not for the life of me figure NY OF THESE OUT!

Use the following information for the Quick Study below.

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 $10 each.
  

Purchases on December 7	18 units @ $4.00 cost
Purchases on December 14	35 units @ $6.00 cost
Purchases on December 21	28 units @ $7.00 cost

QS 5-11 Perpetual: Inventory costing with LIFO LO P1

Required:
Monson sells 28 units for $10 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.

ost of Goods Sold ventory Balance #of units Cost of Goods | # of Cost Per Available for units Cost Per Cost of Cost per Inventory Balance Date # of units Unit Unit Goods Sold unit Sale sold December 7 18 @| S 4.00 -İS 72.00 18 4.0072.00 December 14 35 6.00 210.00 35 4.00 140.00 S6.00 S 140.00 December 15 281@Г s 10.00 - | $ 280.00 28|@Г s 6.00!:| $ 168.00 5 168.00 December 21 28S 7.00198.00 28 7.00 198.00 Totals 3 280.00 5 196.00

Answer 1

	Goods purchased					Cost of goods sold					Inventory balance
Date	# of units		Cost per unit		Cost of goods available for sale	# of units		Cost per unit		Cost of goods sold	# of units		Cost per unit		Inventory balance
December 7	18	@	4.00	=	72.00						18	@	4.00	=	72.00
December 14	35	@	6.00	=	210.00						18	@	4.00	=	72.00
											35	@	6.00	=	210.00
											53				282.00
December 15						28	@	6.00	=	168.00	18	@	4.00	=	72.00
											7	@	6.00	=	42.00
											25				114.00
December 21	28	@	7.00	=	196.00						18	@	4.00	=	72.00
											7	@	6.00	=	42.00
											28	@	7.00	=	196.00
Totals					478.00					168.00					310.00