QS 5-13 Perpetual: Inventory costing with specific identification LO P1

Required:

Monson sells 27 units for $20 each on December 15. Of the units sold, 14 are from the December 7 purchase and 13 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.

, 6 Safari File Edit View History Bookmarks Window Help 9 L21 '3 38%lEl- Thu10:49PM Q o no :1; a: a newconnectmheducationcom 1 51 Chp 5 Quick Study 0 Saved Help Save 1. Exit Submit 7 Fan 4 of4 _ rli References Check my work Required information Use the following information for the Quick study below. Trey Monson starts a merchandlslng buslness on December1 and enters Into the following three Inventory purchases. Also. on December 15, Morison sells 27 unlts for $20 each. Purchases on December 7 17 units a $8.00 cost: Purchases on December 14 34 units I $12.00 cost: Purchases on December 21 27 units I $14.00 cost: 05 5-13 Perpetual: Inventory costing with specic identification LO P1 Required: Monson sells 27 units for $20 each on December 15. Of the units sold, 14 are from the December 7 purchase and 13 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 specic identication. g iii '5' E _ December 7 December 14 December 15 December 21 5 14.00 Totals ( Prev Next