Question (created on 2017-09-23, 17:29:01 UTC)
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.Purchases on December 710 units @ $ 6.00 costPurchases on December 1420 units @ $12.00 costPurchases on December 2115 units @ $14.00 costMonson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Monson uses a perpetual inventory system.