Use the following information for the Quick Study below.

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 7	10 units @ $ 6.00 cost
Purchases on December 14	20 units @ $12.00 cost
Purchases on December 21	15 units @ $14.00 cost

QS 5-13 Perpetual: Inventory costing with specific identification LO P1

Required: Monson sells 15 units for $20 each on December 15. Of the units sold, eight 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 IdentificationPerpetual:

Goods purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

December 7

December 14

December 15

December 21

Totals