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Required information ! Required information [ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1

Required information !
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[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 15 units for $20 each.
PurchasesonDecember710units@$6costPurchasesonDecember1420units@$12costPurchasesonDecember2115units@$14cost
Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
\table[[Specific Identification],[,Goods Available for Sale,Cost of Goods Sold,Ending Inventory],[,# of units,\table[[Cost per],[unit]],\table[[Cost of Goods],[Available for],[Sale]],\table[[# of],[units],[sold]],\table[[Cost],[per unit]],\table[[Cost of],[Goods Sold]],\table[[# of units],[in ending],[inventory]],\table[[Cost per],[unit]],\table[[Ending],[Inventory]]],[Purchases:],[December 7],[December 14],[December 21],[Total,,,,,,,,,]]
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[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 15 units for $20 each.
Purchases on December 710 units @ $ 6 cost
Purchases on December 1420 units @ $12 cost
Purchases on December 2115 units @ $14 cost
Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
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