Perpetual: Inventory costing with weighted average LO P1

Inventory costing with specific identification LO P1

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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost QS 6-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 30 units for $35 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 # of Cost per Date Inventory units Value S December 7 20 @ $ 14.00] = 280.00 S December 14 36@ $ 21.00 756.00 Cost of Goods Sold # of Cost per Cost of units sold unit Goods Sold unit Inventory Balance Cost per # of units Inventory unit Balance 201 $ 14.00 = $ 280.00 20 @ $ 14.00 = S 280.00 @ $ 21.00 = 20 @ $ 280.00 Average cost December 15 December 21 301@ $ 0.00 30@ $ 25.00 = S 750.00 @ @ $ 25.00 0 Average cost Totals $ 0.00 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 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost 21 QS 6-13 Perpetual: Inventory costing with specific identification LO P1 Required: Monson sells 30 units for $35 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific IdentificationPerpetual: Goods purchased # of Cost per units Inventory Balance Cost of Goods Sold # of Cost per cost of Goods units unit Sold sold Date # of units Cost per unit Inventory Balance unit $ 0.00 December 7 December 14 $ 0.00 S 0.00 December 15 $ 0.00 $ 0.00 December 21 $ 0.00 Totals