Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $22 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $8.00 cost 20 units @ $14.00 cost 15 units @ $16.00 cost

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
Use the following information for the Quick Study below. (Algo) (11-14)
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $22 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Note: Round your per unit costs to 2 decimal places.
December 7
Date
December 14
Average cost December 14
December 15
December 21
Average cost December 21
Totals
10 units @ $8.00 cost
20 units @ $14.00 cost
15 units @ $16.00 cost
# of
units
Weighted Average - Perpetual:
Goods purchased
Cost per unit Inventory Value
# of
units
sold
Inventory Balance
Cost per Cost of Goods # of units Cost per unit
Sold
unit
Cost of Goods Sold
Inventory
Balance
Transcribed Image Text:Required information Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $22 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. December 7 Date December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 10 units @ $8.00 cost 20 units @ $14.00 cost 15 units @ $16.00 cost # of units Weighted Average - Perpetual: Goods purchased Cost per unit Inventory Value # of units sold Inventory Balance Cost per Cost of Goods # of units Cost per unit Sold unit Cost of Goods Sold Inventory Balance
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