Question

Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each t 2 of 2 Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units $24.00 cost 27 units @ $29.00 cost 3013749 Required: Monson sells 27 units for $40 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: Inventory Balance Cost of Goods Sold Goods purchased of its cost per unit Inventory Balance Cost per Cost of Goods unit Sold Cost per unit Cost of Goods Available for Sale of units of units sold Date