Required information [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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Required information [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 $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Required information
[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 $20 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per
unit costs to 2 decimal places.)
December 7
Date
December 14
Average cost December 14
December 15
December 21
Average cost December 21
Totals
10 units @ $ 6 cost
20 units @ $12 cost
15 units @ $14 cost
# of
units
Goods purchased
Cost per
unit
Weighted Average - Perpetual:
Inventory
Value
$
$ 0.00
0.00
$ 0.00
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
$
0.00
# of units
Inventory Balance
Cost per
unit
Inventory
Balance
$
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d99f62a-4ea8-4965-a4ba-5a9edb18bcf3%2F31e622b6-cd26-4605-96df-7b7b28ca0c27%2Fodp3hlf_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 $20 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per
unit costs to 2 decimal places.)
December 7
Date
December 14
Average cost December 14
December 15
December 21
Average cost December 21
Totals
10 units @ $ 6 cost
20 units @ $12 cost
15 units @ $14 cost
# of
units
Goods purchased
Cost per
unit
Weighted Average - Perpetual:
Inventory
Value
$
$ 0.00
0.00
$ 0.00
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
$
0.00
# of units
Inventory Balance
Cost per
unit
Inventory
Balance
$
0.00
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