Saved ! Required information Use the following information for the Quick Study below (Static) [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 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 28 units @ $12 cost 15 units $14 cost QS 5-11 (Static) Periodic: Assigning costs with FIFO LO P1 Required: Determine the costs assigned to the December 31 ending inventory based on FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost per Cost of Goods #of units Available for unit Sale Cost of Goods Sold # of Cost Cost of units sold per unit Goods Sold Inventory Balance of units in ending Cost per Ending unit Inventory Inventory 60 $ 60 0 10 20 10 5 Purchases December 7 December 14 December 21 Total $ 6.00 12.00 240 60 15 180 $ 6.00 $ 12.00 14.00 $ 12 00 14.00 15 210 15 45 210 510 0 15 $ 120 30 $ 390 Uluuy Deluw Static) [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 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost QS 5-14 (Static) Periodic: Inventory costing with specific identification LO P1 Monson sells 15 units for $20 each of the units sold, eight are from the December 7 purchase and seven are from the December 1 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific identification Cost of Goods Available for Sale Cost of Goods Sold Cost per #of units Cost of Goods Available for Sale Inventory Balance of units in ending Cost per Ending unit inventory Inventory # of units sold Cost Cost of per unit Goods Sold unit Purchases: December 7 10 $ 6.00 $ 6,00 $ 0 $ 6.00 s 60 240 20 12.00 0 0 December 14 December 21 Total 12.00 14.00 12.00 14.00 O O O O 151 45 210 510 $ 0 $ 0 0 $