[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 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $10.00 cost 35 units @ $15.00 cost 28 units e $18.00 cost QS 5-14 (Algo) Periodic: Inventory costing with specific identification LO P1 Monson sells 28 units for $25 each. Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale #of units Inventory Balance # of units Cost per Ending in ending unit Inventory inventory Cost Cost of per unit Goods Sold sold QS 5-14 (Algo) Periodic: Inventory costing with specific identification LO P1 Monson sells 28 units for $25 each. Of the units sold, 14 are from the December 7 purchase and 14 are from the December 14 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 Cost per # of units Available for unit Sale Cost of Goods Sold # of units Cost sold per unit Goods Sold Cost of Inventory Balance #of units Cost per Ending in ending unit inventory Inventory Purchases December 7 December 14 December 21 Total