SPECIFIC IDENTIFICATION CHART

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 $33 each. Purchases on December Purchases on December 14 Purchases on December 21 10 units $19.00 cost 28 units @ $25.88 cost 15 units $27.08 cost Of the units sold. 23 are from the December 7 purchase and 15 are from the December 14 purchase. Determine the costs assigned ending inventory when costs are assigned based on specific identification Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost of Goods Cost per Available for unit Sale of units sold Cost Cost of per unit Goods Sold #of units in ending Inventory Cost Ending per unit Inventory 100 10 3 10.00 0 Purchases December 7 December 14 December 21 Total $19.00 5 0.00 0 $10.00 $ 0.00 0.00 $ 0 00 1900 0 10 5 5 0 0 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 $33 each. Purchases on December Purchases on December 14 Purchases on December 21 10 units $19.00 cost 28 units @ $25.88 cost 15 units $27.08 cost Of the units sold. 23 are from the December 7 purchase and 15 are from the December 14 purchase. Determine the costs assigned ending inventory when costs are assigned based on specific identification Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost of Goods Cost per Available for unit Sale of units sold Cost Cost of per unit Goods Sold #of units in ending Inventory Cost Ending per unit Inventory 100 10 3 10.00 0 Purchases December 7 December 14 December 21 Total $19.00 5 0.00 0 $10.00 $ 0.00 0.00 $ 0 00 1900 0 10 5 5 0 0