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Need help with quick study question qs 5-13?
QS 5-13 Perpetual: Inventory costing with specific identification P1 lo Refer to the information in QS 5-10 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. (Round per unit costs and inventory amounts to cents.) seven are from the Dacember l4 purc. Of the umi
Expert Answer
| Date | Particulars | Units | Cost | Amount | COGS |
| 7-Dec | Purchase | 10.00 | 6.00 | 60.00 | |
| 14-Dec | Purchase | 20.00 | 12.00 | 240.00 | |
| 21-Dec | Purchase | 15.00 | 14.00 | 210.00 | |
| Total | 45.00 | 510.00 | |||
| COGS | 15.00 | 132.00 | 8*6 + 7*12 | ||
| Ending Inventory | 30.00 | 378.00 | 2*6+13*12+15*1 |
