Required information Use the following information for the Quick Stud.docx

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Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units@ $12.00 cost 15 units @ $14.00 cost QS 5-10 Periodic: Assigning costs with FIFO LO P1 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to theDecember 31 ending inventory when costs are assigned based

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