[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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $12.00 cost 20 units@ $18.00 cost 15 units @ $20.00 cost e units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs ned to ending inventory when costs are assigned based on specific identification. Specific Identification
[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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $12.00 cost 20 units@ $18.00 cost 15 units @ $20.00 cost e units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs ned to ending inventory when costs are assigned based on specific identification. Specific Identification
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Total
Of the units sold, eight are from the December 7 purchase and seven 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
10 units @ $12.00 cost
20 units @ $18.00 cost
15 units @ $20.00 cost
# of units
Specific Identification
Goods Available for Sale
Cost of Goods
Cost per Available for
unit
Sale
Cost of Goods Sold
# of
units
sold
Cost Cost of
per unit Goods Sold
Ending Inventory
# of units
in ending
inventory
Cost per Ending
unit Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3777330-aff0-4a79-9d87-2aeb9583d9a9%2Fa3ab77b1-a771-489f-95a0-e200402ad778%2Fxek77um_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Total
Of the units sold, eight are from the December 7 purchase and seven 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
10 units @ $12.00 cost
20 units @ $18.00 cost
15 units @ $20.00 cost
# of units
Specific Identification
Goods Available for Sale
Cost of Goods
Cost per Available for
unit
Sale
Cost of Goods Sold
# of
units
sold
Cost Cost of
per unit Goods Sold
Ending Inventory
# of units
in ending
inventory
Cost per Ending
unit Inventory
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