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Required information Use the following information for the Quick Study below. (Algo)(11-14) ...

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Accounting

Required information
Use the following information for the Quick Study below. (Algo)(11-14)
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $32 each.
\table[[Purchases on December 7,10 units @ $18.00 cost],[Purchases on December 14,20 units @ $24.00 cost],[Purchases on December 21,15 units @ $26.00 cost]]
QS 5-14(Algo) Perpetual: Inventory costing with specific identification LO P1
Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
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