Required information Use the following information for the Quick Study below. (Static) (11-14) [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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @5 6 cost 20 units $12 cost 15 units $14 cost QS 5-14 (Static) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven 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 Total Specific Identification Goods Available for Sale Cost of Goods Cost of Goods Sold of units unit Cost per Available for Sale # of units sold Cost Cost of per unit Goods Sold Ending Inventory of units Cost per Ending In ending unit Inventory Inventory $ 0 $0.00 $ 0 $0.00 $ 0 0.00 0 0.00 0 0 0.00 0 0 $ 0 0 $ < Prev 9 of 16 Next >