Question

8 t 3 of 3 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 23 units for $30 each. ts Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost eBook 104 Hint QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Ask Required: Monson sells 23 units for $30 each on December 15. Of the units sold, 10 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. o ferences Specific Identification-Perpetual: Goods purchased # of Cost of Goods Sold # of Cost per Cost of Goods units unit Sold sold Cost per Cost per Date Inventory Balance Inventory unit Balance # of units units unit December 7 December 14 December 15 December 21 Totals

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
07-Dec	13	12	156				13	12	156
14-Dec	30	18	540				13	12	156
							30	18	540
15-Dec				13	12	156	20	18	360
				10	18	180
21-Dec	23	22	506				20	18	360
							23	22	506
TOTAL	66		1202	23		336	43		866