ACCT HW

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 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost QS 6-10 Perpetual: Assigning costs with FIFO LO P1 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased # of Units Date Cost Per Unit Cost of Goods Sold # of Cost Per Cost of Goods Units Sold Unit Sold Goods Purchased Inventory Balance Cost Per # of Units Inventory Unit Balance December 7 19 @ $ 20.00 = $ 380.00 19 @ $ 20.00 = $ 380.00 December 14 36 @ $ 30.00 = $ 1,080.00 36 @ $ 30.00 = 1,080.00 $1,080.00 December 15 December 21 Totals Required information 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 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost QS 6-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 29 units for $50 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 Inventory Balance # of units Date Cost per unit Cost of Goods Sold # of Cost per units Cost of sold unit Goods Sold Inventory Value # of units Cost per unit Inventory Balance December 7 $ 0.00 December 14 $ 0.00 Average cost $ 0.00 December 15 $ 0.00 December 21 $ 0.00 0 Average cost Totals $ 0.00