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 $37 each.Purchases on December 7Purchases on December 14Purchases on December 21QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your perunit costs to 2 decimal places.)December 7DateDecember 14Average cost December 14December 15December 21Average cost December 21Totals# ofunits10 units @ $23.00 cost20 units @ $29.00 cost15 units @ $31.00 costGoods purchasedCost per unit10 at $ 23.0020 at $15 at $Inventory Value$29.00 $Weighted Average - Perpetual:31.00 = $230.00580.00465.00# ofunitssold15 atCost of Goods SoldCost per Cost of GoodsunitSold$ 37.00 =$$555.00555.00# of units0atatatatatInventory BalanceCost per unit$$29.00 =31.00 =InventoryBalance$0.00

Name: Trey Monson starts a merchandising business on December 1 and enters
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Description: 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 $37 each.Purchases on December 7Purchases on

Answered: Determine the costs assigned to ending…

Business

Accounting

Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round unit costs to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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