Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information
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Use the following information for the Quick Study below. (Algo) (11-14)Skip to question
[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 $28 each.
Purchases on December 7 | 10 units @ $14.00 cost |
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Purchases on December 14 | 20 units @ $20.00 cost |
Purchases on December 21 | 15 units @ $22.00 cost |
QS 6-14 (Algo) Perpetual: Inventory costing with specific identification LO P1
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.
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