Requlred Informatlon 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 $35 each. Purchases on December 7 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are December 14 purchase. Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 e Inventory when costs are assigned based on specific Identification. Specific Identification–Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold December 7 $ 0.00 December 14 0.00 0.00 December 15 0.00 0.00 December 21 $ 0.00 Totals
Requlred Informatlon 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 $35 each. Purchases on December 7 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are December 14 purchase. Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 e Inventory when costs are assigned based on specific Identification. Specific Identification–Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold December 7 $ 0.00 December 14 0.00 0.00 December 15 0.00 0.00 December 21 $ 0.00 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Requlred Informatlon
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 $35 each.
Purchases on December 7
20 units @ $14.00 cost
36 units @ $21.e0 cost
30 units @ $25.00 cost
Purchases on December 14
Purchases on December 21
Requlred:
Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are fre
December 14 purchase. Monson uses a perpetual Inventory system. Determine the costs assigned to the December 31 end
Inventory when costs are assigned based on specific Identification.
Specific Identification-Perpetual:
Goods purchased
Cost of Goods Sold
Inventory Balance
# of
# of
units
Cost per
unit
Cost per Cost of Goods
unit
# of units Cost per
unit
Inventory
Balance
Date
units
sold
Sold
December 7
0.00
December 14
0.00
0.00
December 15
0.00
0.00
December 21
$ 0.00
Totals
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