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. 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: 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. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.

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. 16 units @ $10.00 cost 33 units @ $15.00 cost 26 units @ $18.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: 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. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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