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Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below) Trey Monson starts a
Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below) 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 $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 unite 25 unite 15 units $14.00 cost $22.00 co $24,00 cost QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 20 are from the December 7 purchase and 15 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases December 7 December 14 December 21 Total Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per unit Cost of Goods Available for Sale of Cost Cost of sold per unit Goods Sold of units in ending inventory unit Cost per Ending Inventory $ 0 $0.00 $ 0 $0.00 $ 0.00 0 0.00 $ 0 0.00 0 0
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