Required information Use the following information for the Quick Study below. Tr

Question

Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Also, on December 15, Monson sells 15 units for $20 each Purchases on December 7 Purchases on December 14 Purchases on December 22 1e units $ 6.00 cost ze units $12.e0 cost 15 units$14.8e cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 en inventory when costs are assigned based on specific identification Specific Identification- Perpetual: Goods purchased Inventory Balance Cost per Cost of Goods Sold of unitsunit sold # of units Cost per unit Cost per Cost of Goods! # of units Inventory Balance Date Sold unit December 15 KPrev 8 of 11 Next > arch

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 10 6 60 10 6 60 14-Dec 20 12 240 10 6 60 20 12 240 15-Dec 8 6 48 2 6 12 7 12 84 13 12 156 21-Dec 15 14 210 2 6 12 13 12 156 15 14 210 TOTAL 45 510 15 132 30 378

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