Trey monson starts a merchandising business

Reference no: EM13529004

Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:

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

Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO.

Reference no: EM13529004

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