Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 26 units for $25 each. 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson sells 26 units for $25 each on December 15. Of the units sold, 13 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.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 26 units for $25 each. 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson sells 26 units for $25 each on December 15. Of the units sold, 13 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.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...
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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 26 units for $25 each.
16 units @ $10.00 cost
33 units @ $15.00 cost
26 units @ $18.00 cost
Purchases on December 7
Purchases on December 14
Purchases on December 21
Required:
Monson sells 26 units for $25 each on December 15. Of the units sold, 13 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc86fed57-cea3-419c-9236-d70c7d6d3cfb%2F88f0ec82-7f69-46ee-8b7e-76affe68c109%2Fu6dxf5v.png&w=3840&q=75)
Transcribed Image Text:Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Also, on December 15, Monson sells 26 units for $25 each.
16 units @ $10.00 cost
33 units @ $15.00 cost
26 units @ $18.00 cost
Purchases on December 7
Purchases on December 14
Purchases on December 21
Required:
Monson sells 26 units for $25 each on December 15. Of the units sold, 13 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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