! 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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost 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. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold # of units Cost Cost of per unit Goods Sold in ending inventory Cost per Ending unit Inventory Purchases: December 7 10 $ $0.00 $ $ 0.00 $ 0 December 14 20 0 0.00 0.00 0 December 21 15 0.00 0 Total 45 $ 0 0 $ 0 0 $ 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
!
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 $27 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
10 units @ $13.00 cost
20 units @ $19.00 cost
15 units @ $21.00 cost
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.
Specific Identification
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
# of units
Cost per
unit
Cost of Goods
Available for
Sale
# of
units
sold
# of units
Cost Cost of
per unit Goods Sold
in ending
inventory
Cost per Ending
unit Inventory
Purchases:
December 7
10
$
$0.00 $
$ 0.00 $
0
December 14
20
0
0.00
0.00
0
December 21
15
0.00
0
Total
45
$
0
0
$
0
0
$
0
Transcribed Image Text:! 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 $27 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost 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. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold # of units Cost Cost of per unit Goods Sold in ending inventory Cost per Ending unit Inventory Purchases: December 7 10 $ $0.00 $ $ 0.00 $ 0 December 14 20 0 0.00 0.00 0 December 21 15 0.00 0 Total 45 $ 0 0 $ 0 0 $ 0
Expert Solution
steps

Step by step

Solved in 2 steps with 5 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education