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ANSWER ONLY WHAT IS PROVIDED PLEASE (BLUE OUTLINED BOXES) Required information [The following information applies to the questions displayed below.) Trey Monson starts a merchandising
ANSWER ONLY WHAT IS PROVIDED PLEASE (BLUE OUTLINED BOXES)
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 23 units for $30 each Purchases on December 7 13 units $12.00 cost Purchases on December 14 30 units $18.00 cout Purchases on December 21 23 units $22.00 cost of the units sold, 10 are from the December 7 purchase and 13 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods #of of units Cost Available for Cost of unit units Sale sold per unit Goods Sold Ending Inventory # of units Cost per Ending in ending unit Inventory Inventory 0 0 Purchases December 7 December 14 December 21 Total 13 $12.00 5 30 18.00 23 2200 66 $ $12.00 $ 18.00 0 156 540 506 1.202 0 $12.00 $ 18.00 22.00 5 0 0 $ 0 0 Step by Step Solution
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