e Chegg Study! Guided So Connect On April 1, Griffith Publi X. × × ? ? ??Secure
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e Chegg Study! Guided So Connect On April 1, Griffith Publi X. × × ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Exam 2 Saved Help Save & Exit Submit 19 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1and enters into the following three inventory purchases Part 1of 2 Also, on December 15, Monson sells 28 units for $45 each Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units$18.e0 ccst 32 unitS $27.00 cest 28 units $32.0 cost pcinis ?014730 QS 5-10 Perpetual: Assigning costs with FIFO LO P1 Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method Perpetual FIFO #of #of Units Per Unit Cost Per Cost Per Cost of Goods Cost Per Inventory Balance Goods Purchased Units Sald # of Units Date Unit Unit Sold Mc Graw Prev 19 20 of 21 > O Type here to search 7:31 PM ^ 41) 7/9/2018Explanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 18 18 324 18 18 324 14-Dec 32 27 864 18 18 324 32 27 864 15-Dec 18 18 324 10 27 2270 22 27 594 21-Dec 28 32 896 22 27 594 28 32 896 TOTAL 78 2084 28 2594 50 1490 Ending Inventory as per FIFO: $ 1490
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