Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each.

Purchases on December 7	8 units @ $4.00 cost
Purchases on December 14	26 units @ $6.00 cost
Purchases on December 21	18 units @ $7.00 cost

Required: Monson sells 18 units for $10 each on December 15. Of the units sold, 6 are from the December 7 purchase and 12 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.

	Specific IdentificationPerpetual: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals