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Determine the costs assigned to december ending inventory

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Question - Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 26 units for $25 each.

Purchases on December 716 units @ $10.00 cost

Purchases on December 1433 units @ $15.00 cost

Purchases on December 2126 units @ $18.00 cost

Required - Monson sells 26 units for $25 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.

Reference no: EM132848767

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