Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5 Part 3 of 4 Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also,
5 Part 3 of 4 Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. 12 points Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units $10.00 cost 36 units @$15.00 cost 30 units @$18.00 cost Required: Monson sells 30 units for $25 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 Date #of units Cost per unit Inventory Value #of units sold Cost per unit Cost of Goods Sold of units December 7 December 14 Average cost December 15 December 21 Average cost Totals Inventory Balance Cost per unit Inventory Balance
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