Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...
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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 $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost 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. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of # of units # of units Cost per unit Available for Sale units sold Cost per unit Cost of Goods Sold in ending inventory Cost per Ending unit Inventory Purchases: December 7 December 14 December 21 0 Total 0 0 $ 0.00 $ 0 0.00 0 $ 0.00 0 0.00 0 0.00 0 0 0 0 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 $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost 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. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of # of units # of units Cost per unit Available for Sale units sold Cost per unit Cost of Goods Sold in ending inventory Cost per Ending unit Inventory Purchases: December 7 December 14 December 21 0 Total 0 0 $ 0.00 $ 0 0.00 0 $ 0.00 0 0.00 0 0.00 0 0 0 0
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