Chapter 5 Quiz nnect.mheducation.comflowconnect.html Saved Required.docx

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Chapter 5 Quiz nnect.mheducation.com/flow/connect.html Saved 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 28 units for $45 each, Purchases on December 7Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost 55-13 Perpetual: Inventory costing with specific identification LO P1 quired: inson sells 28 units for $45 eachon December 15. Of the units sold, 14 are from the December7 purchase and 14 are from cember 14 purchase. Monson usesa perpetual Inventory system. Determine the costs assigned tothe December 31 endin entory when costs are assigned based on specific identification pecific Identification-Perpetual

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