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 $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 8 are from the December 7 purchase and 7 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 Total 10 units $21.00 cont 20 units $27.00 cost 15 units @ $29.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending inventory unit Inventory 0 $0.00 $ 0.00 0.00 $ 0 0 0 0
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 $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 8 are from the December 7 purchase and 7 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 Total 10 units $21.00 cont 20 units $27.00 cost 15 units @ $29.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending inventory unit Inventory 0 $0.00 $ 0.00 0.00 $ 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pp4
![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 $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Of the units sold, 8 are from the December 7 purchase and 7 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
Total
10 units $21.00 cont
20 units $27.00 cost
15 units @ $29.00 cost
# of units
Goods Available for Sale
0
Cost per
unit
Specific Identification
Cost of Goods
Available for
Sale
$
$
0
0
0
0
Cost of Goods Sold
# of
units
sold
0
Cost Cost of
per unit Goods Sold
$0.00 $
0.00
$
0
0
0
Ending Inventory
of units Cost per Ending
in ending
inventory
unit Inventory
0
$0.00 $
0.00
0.00
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe17b9f64-47b8-405b-a56c-289d3db4ba38%2F959ba393-2d07-470f-8fe4-5793d871d20d%2F6jpn8hr_processed.jpeg&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 $35 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Of the units sold, 8 are from the December 7 purchase and 7 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
Total
10 units $21.00 cont
20 units $27.00 cost
15 units @ $29.00 cost
# of units
Goods Available for Sale
0
Cost per
unit
Specific Identification
Cost of Goods
Available for
Sale
$
$
0
0
0
0
Cost of Goods Sold
# of
units
sold
0
Cost Cost of
per unit Goods Sold
$0.00 $
0.00
$
0
0
0
Ending Inventory
of units Cost per Ending
in ending
inventory
unit Inventory
0
$0.00 $
0.00
0.00
$
0
0
0
0
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