Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please check my work and provide full answer. Required information Use the following Information for the Quick Study below. Trey Monson starts a merchandising business
Please check my work and provide full answer.
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 23 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units $12.6e cost 38 units $18.ee cost 23 units $22.ee cost QS 6-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 23 units for $30 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 Date Cost per #of units Cost of Goods Sold # of Cost per units Cost of unit Goods Sold sold Inventory unit Value Cost per # of units Inventory unit Balance 13 @ $ 12.00 = $ 158.00 December 7 13 @ $ 12.00 - 158.00 $ 540.00 December 14 30 @ $ 18.00 = @ $ 12.00 = 30 @ $ 18.00 = 30 @ 540.00 $ 540.00 Average cost December 15 23 @ $ 0.00 December 21 $ 0.00 Average cost Totals $ 0.00
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