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 $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost Required: Monson sells 30 units for $25 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 30 units for $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost Required: Monson sells 30 units for $25 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $25 each.
| Purchases on December 7 | 20 units @ $10.00 cost |
| Purchases on December 14 | 36 units @ $15.00 cost |
| Purchases on December 21 | 30 units @ $18.00 cost |
Required:
Monson sells 30 units for $25 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.)
|
Transcribed Image Text:Requlred:
Monson sells 30 units for $25 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 declmal places.)
Weighted Average - Perpetual:
Goods purchased
Inventory Balance
Cost of Goods Sold
# of
units
sold
Cost of
Goods
Sold
# of
units
Cost per
unit
Inventory
Value
Cost per
unit
Cost per
unit
Inventory
Balance
Date
# of units
December 7
December 14
Average cost
December 15
December 21
Average cost
Totals
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