Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

More Books

Students also viewed these Accounting questions