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question qs 6 11 perpetual inventory costing with lifo lo p1 trey monson starts a me 4291684

Question

QS 6-11 Perpetual: Inventory costing with LIFO LO P1

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

 

 

 

 

 

 

  Purchases on December7

16 units @

$

10.00

cost

  Purchases on December14

33 units @

$

15.00

cost

  Purchases on December21

26 units @

$

18.00

cost

 

         

Required:

Monson sells 26 units for $25 each on December 15. Monson uses aperpetual inventory system. Determine the costs assigned to theDecember 31 ending inventory when costs are assigned based onLIFO.

 

 

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