Chapter 6-6.pdf - Assignment Print View Page 1 of 1 Use the following information for the Quick Study below Trey Monson starts a merchandising business

Chapter 6-6.pdf - Assignment Print View Page 1 of 1 Use the...

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7.Award: 10.00 pointsUse 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 26 units for$25 each.Purchases on December 716 units @ $10.00 costPurchases on December 1433 units @ $15.00 costPurchases on December 2126 units @ $18.00 costReferencesSection BreakUse the following information forthe Quick Study below.QS 6-13 Perpetual: Inventory costing with specific identification LO P1Required:Monson sells 26 units for $25 each on December 15. Of the units sold, 13 are from the December 7 purchase and 13 are from the December 14 purchase. Monsonuses 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 Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 16 10.00 16 10.00 December 14 33 15.00 16 33 December 15 13 10.00 3 13 15.00 20 December 21 26 18.00 3 20 26 Totals @ = $160.00 @ = $ 160.00 @ = $495.00 @ $ 10.00 = $ 160.00 @ $ 15.00 = 495.00 $ 655.00 @ = $ 130.00 @ $ 10.00 = $ 30.00 @ = $ 195.00 @ $ 15.00 = 300.00 $ 330.00 @ $468.00 @ $ 10.00 = $ 30.00 @ $ 15.00 = 300.00 @ $ 18.00 = 468.00 $ 325.00 $ 798.00 Hint #1 References Expanded table QS 6-13 Perpetual: Inventory costing with specific identification LO P1 Hints Page 1 of 1 Assignment Print View 4/8/2018 ...

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