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 $21 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. lote: 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 # of units 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost 10 at $ Goods purchased # of Cost per unit Inventory Value units sold 20 at $ 15 at $ 7.00 = $ 13.00 = $ Weighted Average - Perpetual: 15.00 = $ 70.00 260.00 225.00 15 at Cost of Goods Sold Cost per Cost of Goods Sold unit $ 11.00 = $ 165.00 $ 165.00 # of units Cost per unit Inventory Balance 10 at $ 10 at $ 20 at $ 30 at $ $ 15 at 15 at 15 at 30 at $ $ $ 7.00 = $ 7.00 = 13.00 = 11.00 = 11.00 = Inventory Balance 11.00 = 15.00 = 13.00 = $ $ $ $ $ $ 70.00 70.00 260.00 330.00 165.00 165.00 225.00 390.00 390.00
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 $21 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. lote: 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 # of units 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost 10 at $ Goods purchased # of Cost per unit Inventory Value units sold 20 at $ 15 at $ 7.00 = $ 13.00 = $ Weighted Average - Perpetual: 15.00 = $ 70.00 260.00 225.00 15 at Cost of Goods Sold Cost per Cost of Goods Sold unit $ 11.00 = $ 165.00 $ 165.00 # of units Cost per unit Inventory Balance 10 at $ 10 at $ 20 at $ 30 at $ $ 15 at 15 at 15 at 30 at $ $ $ 7.00 = $ 7.00 = 13.00 = 11.00 = 11.00 = Inventory Balance 11.00 = 15.00 = 13.00 = $ $ $ $ $ $ 70.00 70.00 260.00 330.00 165.00 165.00 225.00 390.00 390.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
E
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 $21 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.
Note: 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
# of
units
10 units @ $7.00 cost
20 units @ $13.00 cost
15 units @ $15.00 cost
10 at $
Goods purchased
Cost per unit Inventory Value
7.00 = $
20 at $
15 at $
13.00 = $
Weighted Average - Perpetual:
15.00 = $
70.00
260.00
225.00
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
15 at $11.00 =
$
$
165.00
165.00
# of units Cost per unit
10 at $
10 at $
20 at $
30 at
$
$
15 at
Inventory Balance
15; at
15 at
30 at
$
$
$
Inventory
Balance
7.00 = $
7.00 = $
13.00 =
11.00 =
11.00 =
$
$
11.00 = $
15.00 =
13.00 = $
$
70.00
70.00
260.00
330.00
165.00
165.00
225.00
390.00
390.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18493f79-3632-47a8-bd99-93fb43dc3329%2F819e31dd-4184-47f5-83e3-3b93816c9092%2Fx6d1lk7_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
E
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 $21 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.
Note: 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
# of
units
10 units @ $7.00 cost
20 units @ $13.00 cost
15 units @ $15.00 cost
10 at $
Goods purchased
Cost per unit Inventory Value
7.00 = $
20 at $
15 at $
13.00 = $
Weighted Average - Perpetual:
15.00 = $
70.00
260.00
225.00
# of
units
sold
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
15 at $11.00 =
$
$
165.00
165.00
# of units Cost per unit
10 at $
10 at $
20 at $
30 at
$
$
15 at
Inventory Balance
15; at
15 at
30 at
$
$
$
Inventory
Balance
7.00 = $
7.00 = $
13.00 =
11.00 =
11.00 =
$
$
11.00 = $
15.00 =
13.00 = $
$
70.00
70.00
260.00
330.00
165.00
165.00
225.00
390.00
390.00
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