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Question - Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 30 units for $50 each.
Purchases on December 720 units @ $20.00 cost
Purchases on December 1434 units @ $30.00 cost
Purchases on December 2130 units @ $36.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
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