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8 t 3 of 3 Required information Use the following information for the Quick Study below....

8 t 3 of 3 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising b

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
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ReportAnswer #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
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