Required information Use the following information for the Quick Study below (Static) (11-14) [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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 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. Purchases: December 7 December 14 December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Goods Available for Sale Number Cost per of units unit 10 $ 20 $ 15 $ 14.00 45 6.00 $ 12.00 Cost of Goods Available for Sale Weighted average - Periodic $ 60 240 210 510 Number of units sold Cost of Goods Sold Average Cost per Unit Cost of Goods Sold $ 0.00 Number of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory $ 0.00

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.