Explanation weighted averageperiodic ending inventory

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10.Award: 10.00 pointsProblems? Adjust credit for all students.Required informationTrey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15units for $20 each.Purchases on December 710 units @ $ 6.00 costPurchases on December 1420 units @ $12.00 costPurchases on December 2115 units @ $14.00 costRequired:Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.$$$$$$$$$$$Perpetual FIFO:Goods PurchasedCost of Goods SoldInventory BalanceDate# ofUnitsCost perunitGoodsPurchased# ofUnitsSoldCost perunitCost of GoodsSold# of UnitsCost PerUnitInventoryBalanceDecember 7106.00106.00December142012.00106.002012.00December15106.001512.00512.00December211514.001512.001514.00Totals@=$60.00@=$60.00@=$ 240.00@=$60.00@=240.00$300.00@=$60.00@=$180.00@=$60.00@=$ 210.00@=$180.00@=210.00$120.00$390.00FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFExplanation:No further explanation details are available for this problem.Hint #1ReferencesHints

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