Help please ### Required InformationTrey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Additionally, on December 15, Monson sells 18 units for $10 each.#### Inventory Purchases:1. **Purchases on December 7**: - 8 units @ $4.00 each2. **Purchases on December 14**: - 26 units @ $6.00 each3. **Purchases on December 21**: - 18 units @ $7.00 each### Required:Monson sells 18 units for $10 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 Inventory Method#### Goods Purchased| Date | # of Units | Cost per Unit | Inventory Value ||--------------|------------|---------------|-----------------|| December 7 | 8 | $4.00 | $32.00 || December 14 | 26 | $6.00 | $156.00 || **Average Cost** || December 21 | 18 | $7.00 | $126.00 |#### Cost of Goods Sold| Date | # of Units Sold | Cost per Unit | Cost of Goods Sold ||--------------|-----------------|---------------|---------------------|| December 15 | 18 | $5.53 | $99.54 || **Average Cost** |#### Inventory Balance| Date | # of Units | Cost per Unit | Inventory Balance ||--------------|------------|---------------|-------------------|| December 7 | 8 | $4.00 | $32.00 || December 7 | 8 | $4.00 | $32.00 || December 14 | 8 | $4.00 | $32.00 || | 26 | $6.00 | $156.00 || | **Average Cost** || December 15 | 8 | $4.00 | $32.00 || | 26 | $6.00 | $156.00 || | 18 | $5.53 | $99.54 || December 21 | 34 | | |**Total**: $99.54### Explanation for Graphs/DiagramsThis table illustrates how the weighted average perpetual inventory method is applied to track the inventory of goods purchased, cost of goods sold, and inventory balance over time. The breakdown spans significant dates and events:1. **Goods Purchased**: - The quantity of units purchased, their cost per unit, and the total inventory value on specific dates. 2. **Cost of Goods Sold**: - The quantity of units sold, the cost per unit, and the total cost of goods sold by those specific dates. 3. **Inventory Balance**:

Weighted average cost of inventory method in which weighted average cost per unit is used for…

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. 8 units @ $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson sells 18 units for $10 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.)

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each. 8 units @ $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: Monson sells 18 units for $10 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.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.6C

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%24 %24 ENOWV2 | Online teachin X "ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator%3D&i !! Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $12 5 Sale 13 units 17 Purchase 27 units @ $13 30 Sale 17 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%-false 12 為口 Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 32 units @ $19 Sale 19 units 17 Purchase 35 units @ $22 30 Sale 33 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, Septem 30 Previous Next
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m/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%-false ☆ 国 Paused Calculator Print Item Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 840 S50 Purchased 630 52 Sold 400 $80 Sold 350 90 Ending inventory 720 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning 840 V 50 V 42,000 V Purchase 630 V 52 V 32,760 V Sale 400 v Sale 350 V Total Purchases 32,760 V Total COGS Feedback Previous Next Check My Work Save and Exit Submit…
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