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! 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

! 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
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 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
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