Required information

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each.

Purchases on December 7	18 units @ $4.00 cost
Purchases on December 14	35 units @ $6.00 cost
Purchases on December 21	28 units @ $7.00 cost

Required: Monson sells 28 units for $10 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 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.

Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units$4.00 cost 35 units $6.00 cost 28 units $7.00 cost Required Monson sells 28 units for $10 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific ldentificationPerpetual Goods purchas ost of Goods Sold Inventory Balance # of units Cost per unit #of units sold Cost per Cost of unit Goods Soldunits # of Cost per Inventory Date unit Balance 18|@$ 4.00-S 72.00 18 4.00 72.00 35 6.00 210.00 S 282.00 December 7 18|@$ 4.00|-| $72.00 December 14[ 35|@$ 6.00!:| $210.00 December 15 18|@$ 4,00!:| $ 72.0of 28|@| $ 4.00-$ 112.00 10|@$ 6.00!=| $ 60.00 S 6.00 S 112.00 December 21 28 7.00 196.00 $4.00!= S 6.00 $ 7.00 Totals S 132.00