Trey Monson owns a merchandising business that uses a perpetual inventory system. On December 1, the business began with no inventory. It purchased 10 units on December 7 for $25 each, 20 units on December 14 for $31 each, and 15 units on December 21 for $33 each. On December 15, the business sold 15 units for $39 each. To determine the cost of the ending inventory on December 31, costs must be assigned using the FIFO (first-in, first-out) method.

1. Trey Monson starts a merchandising business on December 1 and enters into the following three
inventory Monson uses a perpetual inventory system. Also, on December 15 , Monson sells 15
units for $39 each. Purchases on December 710 units & $25.00 cost Purchases on December
1420 units & $31.00 cost Purchases on December 2115 units & $33.00 cost QS 5-11 (Algo)
Perpetual: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the
December 31 ending inventory based on the FIFO method.