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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![### 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 each
2. **Purchases on December 14:**
- 36 units at a cost of $21.00 each
3. **Purchases on December 21:**
- 30 units at a cost of $25.00 each
Additionally, on December 15, Monson sells 30 units at a price of $35.00 each.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Ffede3421-9c13-44dc-bffd-c898c9b74d9a%2Fl14yu2l_processed.png&w=3840&q=75)
Transcribed Image Text:### 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 each
2. **Purchases on December 14:**
- 36 units at a cost of $21.00 each
3. **Purchases on December 21:**
- 30 units at a cost of $25.00 each
Additionally, 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.)
<table>
<thead>
<tr>
<th>Date</th>
<th colspan="3">Goods Purchased</th>
<th colspan="4">Cost of Goods Sold</th>
<th colspan="3">Inventory Balance</th>
</tr>
<tr>
<th></th>
<th># of Units</th>
<th>Cost per Unit</th>
<th>Inventory Value</th>
<th># of Units Sold</th>
<th>Cost per Unit</th>
<th>Cost of Goods Sold</th>
<th></th>
<th># of Units</th>
<th>Cost per Unit</th>
<th>Inventory Balance</th>
</tr>
</thead>
<tbody>
<tr>
<td>December 7</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>December 14</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Average Cost</td>
<td colspan="10"></td>
</tr>
<tr>
<td>December 15</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Ffede3421-9c13-44dc-bffd-c898c9b74d9a%2Fnqatlea_processed.png&w=3840&q=75)
Transcribed Image Text:**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.)
<table>
<thead>
<tr>
<th>Date</th>
<th colspan="3">Goods Purchased</th>
<th colspan="4">Cost of Goods Sold</th>
<th colspan="3">Inventory Balance</th>
</tr>
<tr>
<th></th>
<th># of Units</th>
<th>Cost per Unit</th>
<th>Inventory Value</th>
<th># of Units Sold</th>
<th>Cost per Unit</th>
<th>Cost of Goods Sold</th>
<th></th>
<th># of Units</th>
<th>Cost per Unit</th>
<th>Inventory Balance</th>
</tr>
</thead>
<tbody>
<tr>
<td>December 7</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>December 14</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Average Cost</td>
<td colspan="10"></td>
</tr>
<tr>
<td>December 15</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<
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