Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 720 units @ $10.00 costPurchases on December 1436 units @ $15.00 costPurchases on December 2130 units @ $18.00 cost Required:Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Requlred:Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs areassigned based on specific identification.Specific Identification-Perpetual:Goods purchasedCost of Goods SoldInventory Balance# ofunitsCost per# ofunitsCost perunitCost ofGoods Sold# ofCost perunitInventoryBalanceDateunitunitssoldDecember 7December 14December 15December 21Totals

Name: Trey Monson starts a merchandising business on December 1 and enters i
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Description: Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 720 units @ $10.00 costPurchases on December 1436 uni

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Answered: Required: Monson sells 30 units for $25…

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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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each.


Purchases on December 7	20 units @ $10.00 cost
Purchases on December 14	36 units @ $15.00 cost
Purchases on December 21	30 units @ $18.00 cost

Required:
Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.

Requlred:
Monson sells 30 units for $25 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14
purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are
assigned based on specific identification.
Specific Identification-Perpetual:
Goods purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per
# of
units
Cost per
unit
Cost of
Goods Sold
# of
Cost per
unit
Inventory
Balance
Date
unit
units
sold
December 7
December 14
December 15
December 21
Totals

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