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Requlred Information Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units e s21.e cost 30 units @ s25.e cost Requlred: 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.) Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Cost Inventory Balance Goods purchased # of units Cost per unit Inventory Value # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance Date per unit December s 280.00 20 20 14.00 280.00 14.00 December 14 S 21.00 - s 784.00 36 56 756.00 14.00 21.00 Average cost S 784.00 56 December 15 IS 555.00 IS 18.50 s 481.00 30 26 18.50 December 21 30 IS 18.50 56 25.00 750.00 1,036.00 IS 25.00 Average cost 56 Totals 555.00

Requlred Information Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units e s21.e cost 30 units @ s25.e cost Requlred: 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.) Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Cost Inventory Balance Goods purchased # of units Cost per unit Inventory Value # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance Date per unit December s 280.00 20 20 14.00 280.00 14.00 December 14 S 21.00 - s 784.00 36 56 756.00 14.00 21.00 Average cost S 784.00 56 December 15 IS 555.00 IS 18.50 s 481.00 30 26 18.50 December 21 30 IS 18.50 56 25.00 750.00 1,036.00 IS 25.00 Average cost 56 Totals 555.00

FINANCIAL ACCOUNTING
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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Requlred Informatlon Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 20 units @ $14.e0 cost 36 units @ $21.00 cost 30 units e $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: 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.) * Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Cost Goods purchased Inventory Balance # of units sold Cost # of units Cost per unit Inventory Value Cost of Inventory Balance Date # of units per unit per unit Goods Sold December 7 20 S 14.00 IS 280.00 20 O@ IS 14.00 S 280.00 S 21.00 IS 14.00 IS 21.00 December 14 36 O@ 56 X@ S 784.00 =D 756.00 Average cost 56 S 784.00 December 15 IS @ | 18.50 IS 555.00 IS |18.50 30 26 V S 481.00 December 21 S 750.00 S 18.50 S 1,036.00 30 O@ 25.00 56 X 25.00 Average cost 56 S 555.00 Totals
Transcribed Image Text:Requlred Informatlon Trey Monson starts a merchandising business on December 1 and enters Into the following three Inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 20 units @ $14.e0 cost 36 units @ $21.00 cost 30 units e $25.00 cost Purchases on December 14 Purchases on December 21 Requlred: 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.) * Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Cost Goods purchased Inventory Balance # of units sold Cost # of units Cost per unit Inventory Value Cost of Inventory Balance Date # of units per unit per unit Goods Sold December 7 20 S 14.00 IS 280.00 20 O@ IS 14.00 S 280.00 S 21.00 IS 14.00 IS 21.00 December 14 36 O@ 56 X@ S 784.00 =D 756.00 Average cost 56 S 784.00 December 15 IS @ | 18.50 IS 555.00 IS |18.50 30 26 V S 481.00 December 21 S 750.00 S 18.50 S 1,036.00 30 O@ 25.00 56 X 25.00 Average cost 56 S 555.00 Totals
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