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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.)
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