Rey Monson Starts A Merchandising Business On December 1 And Enters Into The Following Three Inventory Purchases. Also, On December 15, Monson Sells 23 Units For $30 Each. Purchases On December 7 13 Units @ $12.00 Cost Purchases On December 14 30 Units @ $18.00 Cost Purchases On December 21 23 Units @ $22.00 Cost Monson Sells 23 Units For $30 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.

rey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Monson sells 23 units for $30 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.

- August 24, 2022 - Edwin Tunner

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each.
Purchases on December 7 13 units @ $12.00 cost
Purchases on December 14 30 units @ $18.00 cost
Purchases on December 21 23 units @ $22.00 cost
Monson sells 23 units for $30 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.

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