1. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $ 20 each on December 15.
Purchases on December 7 ...... 10 units @ $ 6.00 cost
Purchases on December 14 ....... 20 units @ $ 12.00 cost
Purchases on December 21..... 15 units @ $ 14.00 cost
Required:
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to dollars and cents.)