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Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $18.00 cost 30 units e $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 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 places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Inventory Value Cost per Cost per unit Inventory Balance Cost of Date # of units unit unit Goods Sold December 7 15 @ $ 18.00 = 15 @ $ 18.00 = $ 270.00 270.00 30 @ $ 27.00 = 2$ 810.00 $ 270.00 December 14 15 @ $ 18.00 = 30 @ $ 27.00 = 810.00 Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 2$ 800.00 December 21 25 @ $ 32.00 = 15 @ $ 18.00 = $ 270,00 25 @ $ 32.00 = 800.00

Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $18.00 cost 30 units e $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 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 places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Inventory Value Cost per Cost per unit Inventory Balance Cost of Date # of units unit unit Goods Sold December 7 15 @ $ 18.00 = 15 @ $ 18.00 = $ 270.00 270.00 30 @ $ 27.00 = 2$ 810.00 $ 270.00 December 14 15 @ $ 18.00 = 30 @ $ 27.00 = 810.00 Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 2$ 800.00 December 21 25 @ $ 32.00 = 15 @ $ 18.00 = $ 270,00 25 @ $ 32.00 = 800.00

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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Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 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 places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of units Inventory Balance # of Cost per unit Inventory Value Cost per Cost per Cost of Goods Sold Inventory Balance Date # of units units unit unit sold 15 @ $ 18.00 $ 270.00 $ 270.00 December 7 15 @ $ 18.00 = %3D 30 @ $ 27.00 $ 810.00 December 14 15 @ $ 18.00 $ 270.00 %3D 30 @ $ 27.00 810.00 %D Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 December 21 25 @ $ 32.00 15 @ $ 18.00 $ 270.00 %3D 800.00 25 @ $ 32.00 800.00 %3D Average cost 40 @ $ 27.00 = $1,080.00 %24
Transcribed Image Text:Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 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 places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of units Inventory Balance # of Cost per unit Inventory Value Cost per Cost per Cost of Goods Sold Inventory Balance Date # of units units unit unit sold 15 @ $ 18.00 $ 270.00 $ 270.00 December 7 15 @ $ 18.00 = %3D 30 @ $ 27.00 $ 810.00 December 14 15 @ $ 18.00 $ 270.00 %3D 30 @ $ 27.00 810.00 %D Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 December 21 25 @ $ 32.00 15 @ $ 18.00 $ 270.00 %3D 800.00 25 @ $ 32.00 800.00 %3D Average cost 40 @ $ 27.00 = $1,080.00 %24
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