QS 5-14 Algo Perpetual: Inventory costing with specific identification LO P1

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 29 units for $45 each. Purchases on December 7 19 units $18.00 cont Purchases on December 14 35 units $27.00 cout 29 units $32.00 cost Purchases on December 21 QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 of the units sold, 15 are from the December 7 purchase and 14 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 of Goods #or of units units Available for Cost Cost of unit Sale sold per unit Goods Sold Cost per Ending Inventory W of units Cost per Ending in ending unit Inventory Inventory Purchases QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 4 of the units sold, 15 are from the December 7 purchase and 14 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 of Goods #or of units Available for Cost units Cost of unit Sale per unit Goods Sold Cost per Ending Inventory of units in ending Cost per Ending unit Inventory Inventory Sold Purchases December 7 December 14 December 21 Total