QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost Required Monson sells 27 units for $40 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 Specific ldentification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance #of Cost per Cost of Goods Cost per In Cost per unit ventory Balance Date # of units # of units unit Sold unit sold December 7 17|@ $ 16.00| $272.00 December 14 December 15 December 21 $ 29.00 Totals