Ch $5$: Assignment $($i

$1$

Required information

Use the following information for the Quick Study below. $($Algo$)(11-14)$

$[$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 $$39$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

$10$ units@ $$25\mathrm{.}00$ cost

$20$ units@$$31\mathrm{.}00$ cost

$15$ units@ $$33\mathrm{.}00$ cost

$10$

points

Pert $4$ of $4$

References

QS $5-14($Algo$)$ Perpetual: Inventory costing with specific identification LO P$1$

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.

$\backslash$table$[[$Specific Identification$],[,$Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[,$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$# of$],[$units$],[$sold$]],\backslash$table$[[$Cost$],[$per unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$# of units$],[$in ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Purchases:$,,,,,,,,,],[$December $7,,,,,,,,,],[$December $14,,,,,,,,,],[$December $21,,,,,,,,,],[$Total$,,,,,,,,,]]$