https//newconnect mheducalionc Check my work mode This shows what is correct or

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https//newconnect mheducalionc Check my work mode This shows what is correct or incorrect for the work you heve completed so fer, It does not indicate completion. Reture to Required informsation Use the following information for the Quick Study below. Trey Monson starts a merchandsing business on December 1 and enters into the following three inventory purchases Also, on December 15, Monson sells 29 unts for $45 each 5 units 527, cost 29 units 532.60 est s on December 21 QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 29 units for $45 each on December 15 Of the units sold. 15 are from the December 7 purchase and 14 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 Answer is not complete. Prev 5 of 9Next G H

Explanation / Answer

Specific Identification Goods purchased Cost of Goods sold Inventory balance Date # of units Cost per unit # of units Cost per unit Cost of goods sold # of units Cost per unit Inventory balance 7-Dec 19 18 342 19 18 342 14-Dec 35 27 945 19 18 342 35 27 945 54 1287 15-Dec 15 18 270 4 18 72 14 27 378 21 27 567 639 21-Dec 29 32 928 4 18 72 21 27 567 29 32 928 Totals 648 1567

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