### Required Information**Scenario:**Trey Monson starts a merchandising business on December 1 and makes the following inventory purchases:1. **Purchases on December 7:** - 20 units at a cost of $14.00 each2. **Purchases on December 14:** - 36 units at a cost of $21.00 each3. **Purchases on December 21:** - 30 units at a cost of $25.00 eachAdditionally, on December 15, Monson sells 30 units at a price of $35.00 each. **Weighted Average - Perpetual Inventory System Example**Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. 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.) Date Goods Purchased Cost of Goods Sold Inventory Balance # of Units Cost per Unit Inventory Value # of Units Sold Cost per Unit Cost of Goods Sold # of Units Cost per Unit Inventory Balance December 7 December 14 Average Cost December 15 <

Name: ### Required Information**Scenario:**Trey Monson starts a merchandisi
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Description: ### Required Information**Scenario:**Trey Monson starts a merchandising business on December 1 and makes the following inventory purchases:1. **Purchases on December 7:** - 20 units at a cost of $14.00 each2. **Purchases on December 14:** - 36 u

In the context of the given question, we are required to compute the cost of ending inventory.…

Business

Accounting

Required: Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. 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.) Weighted Average - Perpetual: Date December 7 December 14 Average cost December 15 December 21 Average cost Totals # of units Goods purchased Cost per unit Inventory Value Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold Inventory Balance Cost per unit # of units Inventory Balance

Required: Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. 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.) Weighted Average - Perpetual: Date December 7 December 14 Average cost December 15 December 21 Average cost Totals # of units Goods purchased Cost per unit Inventory Value Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold Inventory Balance Cost per unit # of units Inventory Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hi, This question is asking to determine the cost of goods sold and the cost of ending inventory using the average cost formula.
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