Required information Use the following information for the Q

Required information 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 15 units for $20 each Purchases on Decenber 7 Purchases on Decenber 14 Purchases on December 21 1e units s 6.ee cost 2e units $12.e cost 15 units $14.00 cost os 5-11 Perpetual: Inventory costing with LIFO LO P1 Required Monson sells 15 units for $20 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 Cost of Cost per Goods #of units #of units Cost per Cost Goods soldunit tof Goods! #Of units units Cost per Inventory Balance Date lee unit unit Available for Sold Sale earch

Perpetual LIFO

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# 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

7-Dec

$ 6.00

$ 60.00

$ 6.00

$ 60.00

$ 6.00

$ 60.00

14-Dec

$ 12.00

$ 240.00

$ 6.00

$ 60.00

$ 12.00

$ 240.00

$ 300.00

15-Dec

$ 12.00

$ 180.00

$ 6.00

$ 60.00

$ 12.00

$ 60.00

$ 120.00

21-Dec

$ 14.00

$ 210.00

$ 6.00

$ 60.00

$ 12.00

$ 60.00

$ 14.00

$ 210.00

Totals

$ 450.00

$ 12.00

$ 180.00

$ 330.00

Perpetual LIFO
Date	Goods Purchased	Cost of Goods Sold	Inventory Balance
	# 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
7-Dec	10	$ 6.00	$ 60.00				10	$ 6.00	$ 60.00
							10	$ 6.00	$ 60.00
14-Dec	20	$ 12.00	$ 240.00				10	$ 6.00	$ 60.00
							20	$ 12.00	$ 240.00
							30		$ 300.00
15-Dec				15	$ 12.00	$ 180.00	10	$ 6.00	$ 60.00
							5	$ 12.00	$ 60.00
							15		$ 120.00
21-Dec	15	$ 14.00	$ 210.00				10	$ 6.00	$ 60.00
							5	$ 12.00	$ 60.00
							15	$ 14.00	$ 210.00
Totals	35		$ 450.00	15	$ 12.00	$ 180.00	30		$ 330.00

Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the fol

Required information Use the following information for the Q

Solution

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