Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @$30.00 cost 30 units @ $36.00 cost QS 6-18A (Algo) Periodic: Inventory costing with specific identification LO P3 Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Required information Use the following information for the Quick Study below. (Algo) (15-18) [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 periodic inventory system. Also, on December 15, Monson sells 30 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $20.00 cost 34 units @$30.00 cost 30 units @ $36.00 cost QS 6-18A (Algo) Periodic: Inventory costing with specific identification LO P3 Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Required information
Use the following information for the Quick Study below. (Algo) (15-18)
[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 periodic inventory system. Also, on December 15, Monson sells 30 units for $50 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
20 units @ $20.00 cost
34 units @ $30.00 cost
30 units @ $36.00 cost
QS 6-18A (Algo) Periodic: Inventory costing with specific identification LO P3
Of the units sold, 16 are from the December 7 purchase and 14 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
Total
Specific Identification
# of units
unit
Goods Available for Sale
Cost of Goods
Cost per Available for
Cost of Goods Sold
Ending Inventory
Sale
# of
units
sold
Cost Cost of
per unit Goods Sold
# of units
in ending
inventory
Cost per Ending
unit Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9e3f4ed-7608-4ce9-8533-987392610775%2F8d09db9a-5987-430a-911f-5d629250606d%2F8g76wui_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Quick Study below. (Algo) (15-18)
[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 periodic inventory system. Also, on December 15, Monson sells 30 units for $50 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
20 units @ $20.00 cost
34 units @ $30.00 cost
30 units @ $36.00 cost
QS 6-18A (Algo) Periodic: Inventory costing with specific identification LO P3
Of the units sold, 16 are from the December 7 purchase and 14 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
Total
Specific Identification
# of units
unit
Goods Available for Sale
Cost of Goods
Cost per Available for
Cost of Goods Sold
Ending Inventory
Sale
# of
units
sold
Cost Cost of
per unit Goods Sold
# of units
in ending
inventory
Cost per Ending
unit Inventory
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