Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Monson sells 23 units for $30 each on December 15. Of the units sold, 10 are from the December 7 purchase and 13 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 23 units for $30 each.
Purchases on December 7 13 units @ $12.00 cost
Purchases on December 14 30 units @ $18.00 cost
Purchases on December 21 23 units @ $22.00 cost
Monson sells 23 units for $30 each on December 15. Of the units sold, 10 are from the December 7 purchase and 13 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.

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