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. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 28 units for $35 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 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: Date # of units Goods purchased Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Inventory Balance # of units Cost per Sold unit Inventory Balance December 7 December 14 Prev 80 10 of 17 Next > Trey Monson starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $14.00 cost 33 units @ $21.00 cost 28 units @ $25.00 cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 28 units for $35 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 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: Date # of units Goods purchased Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Inventory Balance # of units Cost per Sold unit Inventory Balance December 7 December 14 Prev 80 10 of 17 Next >