OMIC III ry TV!! -~ ~ ~~~ wurun uy Weruw.nyol [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 periodic inventory system. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 29 units @ $27.00 cost 25 units @ $32.00 cost QS 5-14 (Algo) Periodi Inventory costing with specific identification LO P1 Monson sells 25 units for $45 each. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 Durchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Cost # of Cost Cost of # of Goods # of units Cost units per per Ending in ending units Goods Available per unit sold unit Sold Inventory unit for Sale inventory Purchases: December 7 $ 270 $ 216 $ 0 $ 12 18.00 1327.00 OOO 783 351 December 14 December 21 Total $ 15 18.00 29 27.00 25 32.00 69 324 X X X 18.00 12 X 27.00 13 32.00 25 800 416 $ 1,853 25 $ 567 $ 740