Question

Stvod Required information 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 27 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units @ $12.00 cost 27 units $14.ee cost QS 6-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 27 units for $20 each on December 15. Of the units sold, 14 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. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per Cost of Goods unit Cost per Cost per unit #of Inventory Balance # of units Date Sold units unit sold December 7 S 8.00 $136.00 17@ December 14 December 15 S 14.00 December 21 Totals

Answer 1

Perpetual :Specific Identification Goods Purchasd Cost of Goods Sold Inventory Balance #of Cost of Cost Cost # of Ending Inventory Goods Goods Per Units Per Cost Per Sold # of Units Date Purchased sold Units Unit Unit Unit Dec-07 17 8.00 136.00 17 8.00 136.00 Dec-14 34 12.00 408.00 17 8.00 136.00 34 12.00 408.00 51 544.00 8.00 Dec-15 14 112.00 3 8.00 24.00 156.00 12.00 252.00 13 12.00 21 24 276.00 Dec-21 27 14.00 378.00 3 8.00 24.00 252.00 21 12.00 27 14.00 378.00 51 654.00 Totals Cost of Goods sold Ending Inventory 654.00 268.00