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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Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 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. Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per unit Inventory Value Cost per unit Cost of Goods Sold Inventory Balance # of units Date unit ... ........ L CAALCNEM E ATATACACO 77-F