Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each.

Purchases on December 7 15 units @ $18.00 cost

Purchases on December 14 30 units @ $27.00 cost

Purchases on December 21 25 units @ $32.00 cost

Required:

Monson sells 25 units for $45 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 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.

ventory when costs are assigned based on specific identification. Specific Identification Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost per Date #of units # of units sold Cost per Cost of Goods unit Sold Cost per Hof units unit unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 0.00 December 15 $ 0.00 $ 0.00 December 21 s 0.00 Torals Rien