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Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost QS 6-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 29 units for $50 each on December 15. Of the units sold, 15 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. ance QS 6-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 29 units for $50 each on December 15. Of the units sold, 15 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. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost per Cost per # of units # of units sold Cost per Cost of Goods # of units unit Sold Date Inventory Balance unit unit December 7 $ 0.00 $ 0.00 December 14 $ 0.00 $ 0.00 December 15 000 VII WIILIFLUSS u usnuLuWusu un SNLEUL IUUMILUUVI. Specific Identification-Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost per Date # of units # of units sold Cost per Cost of Goods # of units unit Sold unit Cost per unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 0.00 December 15 $ 0.00 $ 0.00 December 21 $ 0.00 Totals

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