Question

Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units ! $ 6.00 cost 20 units $12.00 cost 15 units $14.00 cost 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 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Answer is complete but not entirely correct. Specific Identification Cost of Goods Sold Inventory Balance Cost of Goods Available for Sale Cost of Cost of Goods units Available for Sale Cost per units sold Cost of Goods Sold W of units in ending inventory Cost per unit Ending Inventory unit Purchases December 7 $ 60 0 3 $6.00 $ 0 $ 10 $6.00 2012.00 15 14.00 December 14 December 21 240 2 13 15 30 $6.00 12.00 14.00 210 510 S $ 0

need to know the answers to the incorrect slots

Answer 1

		Cost of Goods available for sale				Cost of Goods sold				Inventory Balance
		No. of units	Cost per unit	Cost of goods available for sale		no. of units sold	Cost per unit	Cost of goods sold		No. of units in ending inventory	Cost per unit	Ending inventory
Purchases:
7-Dec		10	$      6.00	$   60.00		8	$      6.00	$   48.00		2	$      6.00	$   12.00
14-Dec		20	$   12.00	$ 240.00		7	$   12.00	$   84.00		13	$   12.00	$ 156.00
21-Dec		15	$   14.00	$ 210.00		0	$          -	$          -		15	$   14.00	$ 210.00
Total		45		$ 510.00		15		$ 132.00		30		$ 378.00