Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December15, Monson sells 10 units for $50 each.Purchases on December 7 – 8 units @ $20 costPurchases on December 14 – 17 units @ $30 costPurchases on December 21 – 15 units @ .00 costRequired:Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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