Question

Help Save & Che 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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost QS 5-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 25 units for $45 each on December 15. Of the units sold, 12 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 Cost per Cost of Goods # of units Cost per Inventory Sold unit Balance unit Date #of units # of units sold Cost per unit s 0.00 December 7 < Prev 4 of 8 Next >

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	15	18	270				15	18	270
14-Dec	30	27	810				15	18	270
							30	27	810
Total							45		1080
Dec-15				12	18	216	3	18	54
				13	27	351	17	27	459
Total				25		567	20		513
Dec-21	25	32	800				3	18	54
							17	27	459
							25	32	800
TOTAL	55		1610	25		567	45		1313