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 Total 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 December 21 10 units @ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Specific Identification Cost per unit 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 per Ending unit Inventory
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 Total 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 December 21 10 units @ $13.00 cost 20 units @ $19.00 cost 15 units @ $21.00 cost # of units Goods Available for Sale Specific Identification Cost per unit 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 per Ending unit Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
please answer within 30 minutes.
![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.
Total
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
December 21
10 units @ $13.00 cost
20 units @ $19.00 cost
15 units @ $21.00 cost
# of units
Goods Available for Sale
Specific Identification
Cost per
unit
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 per Ending
unit Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d7e18a0-3808-4d58-a7a5-3cb485d794b8%2F9be9f00c-88cb-405f-87dc-f36a5dece842%2Fjfq891n_processed.png&w=3840&q=75)
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.
Total
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
December 21
10 units @ $13.00 cost
20 units @ $19.00 cost
15 units @ $21.00 cost
# of units
Goods Available for Sale
Specific Identification
Cost per
unit
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 per Ending
unit Inventory
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