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Required information 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 $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 cost Required: Monson sells 28 units for $50 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 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. Required: Monson sells 28 units for $50 each on December 15. Of the units sold, 14 are from the December 7 purchase and 14 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. # of units Specific Identification-Perpetual: Goods purchased # of Cost per Date units unit December 7 18 @ $ 20.00 - $360.00 December 14 32 @ S 30.00 $960.00 sold Cost of Goods Sold Inventory Balance Cost per cost of Goods Cost per # of units Inventory unit Sold unit Balance 18 @ $ 20.00 - S 360.00 18 @ $ 20.00 $ 360.00 32 @ $ 30.00 - 960.00 $1,320.00 December 15 0.00 $ $ 0.00 December 21 $ 36.00 $ 0.00 $ 20.00 - $ 30.00 = Totals

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