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splayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory
splayed 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 $32 each. 10 units @$18.00 cost 20 units @ $24.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $26.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 Total Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods # of # of units Cost per unit Available for Sale units sold Cost Cost of per unit Goods Sold Ending Inventory # of units Cost per Ending Inventory in ending inventory unit
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