Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.

Purchases on December 7	10 units @ $ 6.00 cost
Purchases on December 14	20 units @ $12.00 cost
Purchases on December 21	15 units @ $14.00 cost
Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven 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 IdentificationPerpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit #of units sold Cost per unit Cost per Cost of Goods Inventory Date # of units unit Sold Balance December 7 10|@ $ 6.00| -| $ 60.00 10|@$ 6.00.-| $ 60.00 December 14 20|@ $ 12.00! =| $240.00 10S 6.00 20 $ 12.00 60.00 240.00 $ 300.00 6.00|=| $ 0.00 $ 0.00 December 15 December 21 $ 0.00 $ 6.00 - 12.00 Totals Prev 5 of 11 Next>