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. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units e $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Requlred: 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 unlt 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. Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units e $4.00 cost 26 units e $6.00 cost 18 units e $7.00 cost Requlred: 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 unlt costs to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need help figuring out the rest of this problem
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 18 units for $10 each.
8 units @ $4.00 cost
26 units e s6.00 cost
18 units @ $7.00 cost
Purchases on December 7
Purchases on December 14
Purchases on December 21
Requlred:
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 declmal places.)
Weighted Average - Perpetual:
Goods purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per
Cost per
unit
# of
Inventory
Value
Cost per
Cost of
# of units
Inventory
Balance
Date
units
unit
Goods Sold
unit
sold
December 7
8@ $ 4.00
$ 32.00
$ 4.00 =
32.00
=
December 14
26 e
$ 6.00 =
$ 4.00 =
32.00
156.00
$ 6.00 =
Average cost
$ 5.53 =
32.00
December 15
18 @
$ 5.53 =
$ 99.54
December 21
18 @
$ 7.00 =
34e
126.00
@ $ 7.00
Average cost
34 @
Totals
$ 99.54
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education