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Business
Accounting
Trey Monson

Trey Monson

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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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost Required: Monson sells 28 units for $45 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 plac Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of Cost per Inventory Value Cost per Cost per Cost of # of units Inventory Balance Date units units unit unit Goods Sold unit sold December 7 December 14 Average cost December 15 December 21 Average cost Totals
Transcribed Image Text:Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost Required: Monson sells 28 units for $45 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 plac Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of Cost per Inventory Value Cost per Cost per Cost of # of units Inventory Balance Date units units unit unit Goods Sold unit sold December 7 December 14 Average cost December 15 December 21 Average cost Totals
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