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QUESTION

# 05 5-11 Perpetual: Inventory costing with LIFO LD P1 Trey Monson starts a merchandising business on December 1 and enters into the following three...

Required:

Monson sells 25 units for \$45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.

05 5-11 Perpetual: Inventory costing with LIFO LD P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventorypurchases: Purchams on December 1&quot; 15 units @ \$18.00 cost Purchases on December 14 29 units IQ \$2100 cost Purchases on December 21 25 units @ \$32.00 costRequlred: Morison sells 25 units for \$45 each on December 15. Monson uses a perpetual inventory system.Determine the costs assigned to the December 31 ending inventory wt'ien costs are assigned based onLIFO. P_erpetua| LIFO: —“I-s-—I-&quot; _-I-E--_I--I-__-_I--_I_-I-__-_I--_I__I-! December 15 - \$ 2?.00 -._ ---I---i-—-—=_-_I--_I__I-!———=—-—-—--—__-_I--_I_-I-_ _-_I--_I_-I-__-_I--_I!_I-!