Question
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]
Required information
Use the following information for the Quick Study below. (Algo) (11-14)
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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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each.
Purchases on December 7 | 10 units @ $9.00 cost |
---|---|
Purchases on December 14 | 20 units @ $15.00 cost |
Purchases on December 21 | 15 units @ $17.00 cost |
QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1
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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