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Specne juenuication–reipetuai: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 $ 0.00 December 14 $ 0.00 2$ 0.00 December 15 $ 0.00

Specne juenuication–reipetuai: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance # of units units sold Date Sold December 7 $ 0.00 December 14 $ 0.00 2$ 0.00 December 15 $ 0.00

FINANCIAL ACCOUNTING
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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Required information Speciic juenILITIcauon–reipetuai. Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance units # of units Date Sold sold December 7 $0.00 December 14 $0.00 2$ 0.00 December 15 2$ 0.00 $ 0.00 December 21 $ 0.00 Totals < Prev of 18 Next >
Transcribed Image Text:Required information Speciic juenILITIcauon–reipetuai. Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per unit Cost per Cost of Goods unit Cost per unit Inventory Balance units # of units Date Sold sold December 7 $0.00 December 14 $0.00 2$ 0.00 December 15 2$ 0.00 $ 0.00 December 21 $ 0.00 Totals < Prev of 18 Next >
Requireu inTormaLIOII Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven 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 unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance # of units Date Sold December 7 $ 0.00 < Prev 7 of 18 Next > .........inn 11 3/2 LSMO
Transcribed Image Text:Requireu inTormaLIOII Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven 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 unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance # of units Date Sold December 7 $ 0.00 < Prev 7 of 18 Next > .........inn 11 3/2 LSMO
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