Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $20.00 cost 32 units $30.00 cost 28 units @ $36.00 cost Required: Monson sells 28 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)
Required information Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units $20.00 cost 32 units $30.00 cost 28 units @ $36.00 cost Required: Monson sells 28 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Required information
Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:
Purchases on December 7
Purchases on December 14
Purchases on December 21
Required:
Monson sells 28 units for $50 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to
ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated
with a minus sign. Round cost per units to 2 decimals.)
Periodic Weighted Average
Purchase - December 7
Purchase December 14
Purchase-December 21
Available for Sale
December Sales
Total
18 units @ $20.00 cost
32 units @ $30.00 cost
28 units @ $36.00 cost
Inventory on hand
Cost per
unit
# of units
+
Inventory # of units Avg.Cost per
Value
sold
unit
$
$
0
0
0
0
Cost of Goods Sold
0
0
Cost of
Goods Sold
$
0
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