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Required information ABC starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.ee cost 30 units e s15.ee cost 25 units e $18.ee cost Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses a perpetual inventory system. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on specific identification.

Required information ABC starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.ee cost 30 units e s15.ee cost 25 units e $18.ee cost Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses a perpetual inventory system. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on specific identification.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 4SEB: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...
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Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units e $18.00 cost 38 units e $15.00 cost 25 units e $18.00 cost Purchases on December 21 Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses 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 # of # of units Cost per unit units sold Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold December 7 S 0.00 December 14 S 0.00 0.00 December 15 0.00 0.00 December 21 S 0.00 Totals
Transcribed Image Text:Required information ABC starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 15 units e $18.00 cost 38 units e $15.00 cost 25 units e $18.00 cost Purchases on December 21 Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses 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 # of # of units Cost per unit units sold Cost per Cost of Goods unit # of units Cost per unit Inventory Balance Date Sold December 7 S 0.00 December 14 S 0.00 0.00 December 15 0.00 0.00 December 21 S 0.00 Totals
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