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 $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory # of units sold Cost of Goods # of units # of units Cost per Available for unit Cost per unit Goods Sold Cost of in ending inventory Cost per Ending Sale unit Inventory Purchases: December 7 December 14 December 21 Total
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 $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory # of units sold Cost of Goods # of units # of units Cost per Available for unit Cost per unit Goods Sold Cost of in ending inventory Cost per Ending Sale unit Inventory Purchases: December 7 December 14 December 21 Total
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 $34 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $20.00 cost
20 units @ $26.00 cost
15 units @ $28.00 cost
Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs
assigned to ending inventory when costs are assigned based on specific identification.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost per
unit
Cost of Goods
Available for
Sale
# of
units
sold
Cost of
per unit Goods Sold
# of units Cost per
in ending
inventory
Cost
# of units
unit
Inventory
Purchases:
December 7
December 14
December 21
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F25310e27-d02e-4900-871a-4bca6692b57f%2Fb281c839-6c60-4c59-95fd-e0edb041f97a%2Fup8ngle2_processed.jpeg&w=3840&q=75)
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 $34 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $20.00 cost
20 units @ $26.00 cost
15 units @ $28.00 cost
Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs
assigned to ending inventory when costs are assigned based on specific identification.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost per
unit
Cost of Goods
Available for
Sale
# of
units
sold
Cost of
per unit Goods Sold
# of units Cost per
in ending
inventory
Cost
# of units
unit
Inventory
Purchases:
December 7
December 14
December 21
Total
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