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Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 29 units for $45 each. 19 units $18.00 cost 35 units $27.00 cost 29 units $32.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 29 units for $45 each on December 15. Of the units sold, 15 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 Identification-Perpetual: Cost of Goods Sold Inventory Balance Goods purchased of units sold Cost per Cost of Goods unit Cost per unit Cost per unit # of units Inventory Balance # of units Date Sold December 7 0.00 December 14 0.00 0.00 December 15 0.00 $ 0.00 December 21 0.00 Totals
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