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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following
Required information [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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 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 Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of # of units Cost per Available for Cost units unit Cost of sold per unit Goods Sold in ending inventory unit Inventory # of units Cost per Ending Sale Purchases December 7 December 14 December 21 Total
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