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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
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 Purchases on December 14 Purchases on December 21 10 units @ $6.00 cost 20 units @ $12.de cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Of the units sold, elght 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 Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit Date # of units sold Cost per unit Cost of Goods Sold #of units Cost per unit Inventory Balance December 7 S 0.00 December 14 S 0.00 0.00 December 15 S 0.00 0.00 $ December 21 $ 0.00 Totais
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