Required information [The following information applies to the questions displayed below] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $16.00 cost 20 units @ $22.00 cost 15 units $24.00 cost the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assign ding inventory when costs are assigned based on specific identification. # of units Goods Available for Sale Specific Identification Cost per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory of units Cost per Ending in ending unit Inventory Inventory
Required information [The following information applies to the questions displayed below] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $16.00 cost 20 units @ $22.00 cost 15 units $24.00 cost the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assign ding inventory when costs are assigned based on specific identification. # of units Goods Available for Sale Specific Identification Cost per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory of units Cost per Ending in ending unit Inventory Inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Required information
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Total
Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to
ending inventory when costs are assigned based on specific identification.
Purchases:
December 7
December 14
December 21
10 units $16.00 cost
20 units $22.00 cost
15 units @ $24.00 cost
# of units
Goods Available for Sale
0
Cost per
unit
Specific Identification
Cost of Goods
Available for
Sale
$
$
0
0
0
0
Cost of Goods Sold
# of
units
sold
0
Cost Cost of
per unit Goods Sold
$0.00 $
0.00
$
0
0
0
Ending Inventory
of units Cost per Ending
in ending
unit Inventory
inventory
0
$0.00 $
0.00
0.00
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b9cb804-023a-4f71-be0b-ec9aa4c1e205%2F77d05b7e-22a9-4a15-aa2a-fc58a2d3594f%2Faearhby_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Total
Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to
ending inventory when costs are assigned based on specific identification.
Purchases:
December 7
December 14
December 21
10 units $16.00 cost
20 units $22.00 cost
15 units @ $24.00 cost
# of units
Goods Available for Sale
0
Cost per
unit
Specific Identification
Cost of Goods
Available for
Sale
$
$
0
0
0
0
Cost of Goods Sold
# of
units
sold
0
Cost Cost of
per unit Goods Sold
$0.00 $
0.00
$
0
0
0
Ending Inventory
of units Cost per Ending
in ending
unit Inventory
inventory
0
$0.00 $
0.00
0.00
$
0
0
0
0
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