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rConnect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html xC Home | Chegg.com x M Inbox-jyarb1017@gmai Gwhat is bank a/c - Google x Ch 5 Exercises Help Save & Exit Submit Saved Check my work Required information Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Part 1 of 4 Perpetual EIFO: Purchased ost of Goods Sold Inventory Balance pcinis #of #of Units Cost per unit Cost Per Inventory Balance Goods Cost per Cost of Goods Purchased Units Sold Date December 7 December 14 Sold #0f Units unit Unit eBook Hint Piint References December 15 December 21 Totals Mc Graw O Type here to search 11:02 ANM f A ) 6/23/2018Explanation / Answer
FIFO: GOODS PURCHASED COST OF GOODS SOLD INVENTORY BALANCE DATE # of Units Cost per unit Goods purchased # of Units sold Cost per unit Cost of goods sold # of Units Cost per unit Inventory balance Dec-07 10 6.00 60.00 10 6.00 60.00 Dec-14 20 12.00 240.00 10 6.00 60.00 20 12.00 240.00 Dec-15 10 6.00 60.00 5 12.00 60.00 15 12.00 180.00 Dec-21 15 14.00 210.00 15 12.00 180.00 15 14.00 210.00 TOTALS 45 510.00 15 120.00 45 390.00 COST OF ENDING INVENTORY = $390.
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