! 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 periodic inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Weighted average - Periodic Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Ending Inventory Ending Average Cost per unit Inventory Purchases: December 7 19 $ 18.00 $ 342 + December 14 35 $ 27.00 945 December 21 29 $ 32.00 928 Total 83 $ 19.86 $ 2,215 29 $ 0.64 $ 18.56 54 $ 19.86 $ 1,072.44
! 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 periodic inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Weighted average - Periodic Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Ending Inventory Ending Average Cost per unit Inventory Purchases: December 7 19 $ 18.00 $ 342 + December 14 35 $ 27.00 945 December 21 29 $ 32.00 928 Total 83 $ 19.86 $ 2,215 29 $ 0.64 $ 18.56 54 $ 19.86 $ 1,072.44
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.)
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a periodic inventory system. Also, on December 15, Monson sells 29 units for $45 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
19 units @ $18.00 cost
35 units @ $27.00 cost
29 units @ $32.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Note: Round cost per units to 2 decimal places.
Weighted average - Periodic
Goods Available for Sale
Cost of Goods Sold
# of units
Cost per
unit
Cost of Goods
Available for
Sale
# of units
sold
Average
Cost per
Unit
Cost of
Goods Sold
# of units
in ending
inventory
Ending Inventory
Ending
Average
Cost per unit Inventory
Purchases:
December 7
19 $
18.00 $
342
+
December 14
35 $
27.00
945
December 21
29
$
32.00
928
Total
83
$
19.86 $
2,215
29 $
0.64
$
18.56
54
$
19.86
$ 1,072.44](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa98f9e6b-41ff-4ff8-b7f9-1bb7447d4944%2F902ab144-cb0e-497c-8901-8b10ad9bca4f%2F5enurfc_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 periodic inventory system. Also, on December 15, Monson sells 29 units for $45 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
19 units @ $18.00 cost
35 units @ $27.00 cost
29 units @ $32.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Note: Round cost per units to 2 decimal places.
Weighted average - Periodic
Goods Available for Sale
Cost of Goods Sold
# of units
Cost per
unit
Cost of Goods
Available for
Sale
# of units
sold
Average
Cost per
Unit
Cost of
Goods Sold
# of units
in ending
inventory
Ending Inventory
Ending
Average
Cost per unit Inventory
Purchases:
December 7
19 $
18.00 $
342
+
December 14
35 $
27.00
945
December 21
29
$
32.00
928
Total
83
$
19.86 $
2,215
29 $
0.64
$
18.56
54
$
19.86
$ 1,072.44
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