4 Required information Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $33 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 D____L__ 10 units @ $19.00 cost 20 units @ $25.00 cost 15 units @ $27.00 cost # of units Goods Available for Sale Specific Identification Cost of Goods Cost per Available for unit Sale $ 0 0 n Cost of Goods Sold # of units sold < Prev O Cost Cost of per unit Goods Sold $0.00 $ 0.00 S 8 of 14 0 0 MacBook Pro Ending Inventory # of units in ending inventory ‒‒‒ II www AF Cost per Ending unit Inventory $0.00 $ 0.00 Next > mimmie 3.30 0 0 C

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
4
Required information
Use the following information for the Quick Study below. (Algo) (11-14)
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $33 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1
Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to
ending inventory when costs are assigned based on specific identification.
Purchases:
December 7
December 14
Di__L__
10 units @ $19.00 cost
20 units @ $25.00 cost
15 units @ $27.00 cost
# of units
Goods Available for Sale
Specific Identification
Cost of Goods
Cost per Available for
unit
Sale
$
0
0
al
Cost of Goods Sold
# of
units
sold
< Prev
Cost Cost of
per unit Goods Sold
$0.00 $
0.00
8
of 14
0
0
MacBook Pro
Ending Inventory
# of units
in ending
inventory
‒‒‒
II
A 45
Cost per Ending
unit Inventory
$0.00 $
0.00
Next >
030
0
0
^
Check m
Transcribed Image Text:4 Required information Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $33 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 Di__L__ 10 units @ $19.00 cost 20 units @ $25.00 cost 15 units @ $27.00 cost # of units Goods Available for Sale Specific Identification Cost of Goods Cost per Available for unit Sale $ 0 0 al Cost of Goods Sold # of units sold < Prev Cost Cost of per unit Goods Sold $0.00 $ 0.00 8 of 14 0 0 MacBook Pro Ending Inventory # of units in ending inventory ‒‒‒ II A 45 Cost per Ending unit Inventory $0.00 $ 0.00 Next > 030 0 0 ^ Check m
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