Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4 ! Required information Part 3 of 4 10 points [The following information applies to the questions displayed below.] Trey Monson starts a merchandising
4 ! Required information Part 3 of 4 10 points [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 $32 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $18.00 cost 20 units @$24.00 cost 15 units @ $26.00 cost 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.) Answer is not complete. Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Date # of Cost # of units Cost per unit Inventory Value units per Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance sold unit December 7 18 at $ 18.00 $ 324.00 18 at $ 18.00 = S 324.00 32 at $ 27.00 = $ 864.00 18 at $ December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 32 at $ 18.00 27.00 = S 324.00 = 864.00 50 at $ 1,188.00 28 at $ 0.00 22 at 28 at $ 32.00 S 896.00 22 at 28 at $ 32.00 896.00 50 at $ 28.37 $ 1,418.50 $ 0.00 $ 1,418.50
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started