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
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4726056b-a0d8-4167-a534-8f03670a441a%2Fd7017fd3-f53c-4815-909f-3d0743d33150%2Fooie4u5_processed.png&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education