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Required information [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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total 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 December 21 10 units@ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold #of units sold Cost Cost of per unif Goods Sold Ending Inventory # of units In ending. inventory Cost Ending per unit Inventory

Required information [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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total 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 December 21 10 units@ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold #of units sold Cost Cost of per unif Goods Sold Ending Inventory # of units In ending. inventory Cost Ending per unit Inventory

FINANCIAL ACCOUNTING
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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Required information [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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total 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 December 21 10 units @ $13.00 cost 20 units@ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory # of units in ending inventory Cost Ending per unit Inventory
Transcribed Image Text:Required information [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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total 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 December 21 10 units @ $13.00 cost 20 units@ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory # of units in ending inventory Cost Ending per unit Inventory
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