Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve this with precision and make the answer simple please. Required information Trey Monson starts a merchandising business on December 1 and enters into

please solve this with precision and make the answer simple please. image text in transcribed
image text in transcribed
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 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 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.) Answer is not complete. Cost per Weighted Average - Perpetual Goods purchased Wor Date Inventory Valle December 12 19 = 20.00 $ 380.00 December 36 @ $ = 30 00 1.080 00 Cost of Goods Sold Cost W of units Cost of sold per unit Goods Sold Inventory.Balance Cost Her Inventory Balance wol units 19 5 38000 2000 $ 2000 s 3000 19 35 le $ 380,00 Average cost 55 1.080.00 9 1.460.00 20.00 December 15 December 21 300 00 2000 $ 80.00 29 35.00 10.00 20.00 $ 80.00 22 le 792.00 Average cost 26 3600 30.00 $ 780.00 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 Deceaber? Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cast 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) 3 Answer is not complete. Weighted Average Perpetual: Good purchased of Cost per Date Inventory units unit Value December $ 38000 7 19 20 00 Contol Goods Sold Cost # of units por Cost of sold unit Goods Sold $ 380 Inventory. Balonce Cont of units per Inventory unit Balance 19 le 20.00 $ 19@ 20.00 $ 38000 36 30.00 1,080.00 5 55 1,460.00 December 14 36 30.00 1,080.00 Average cost 151 $ 300.00 4@ 20.00 20.00 > $ 80.00 December 15 December 21 491@ 5 8000 29 > 20.00 3600 104400 22 79200 36 00 26 @ s 780 00 Average cost 30.00 Totals 300.00

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

Internal Auditing As A Career

Authors: Richa Yamini Goel

1st Edition

B09RMBWZ2L, 979-8412866512

More Books

Students also viewed these Accounting questions

Question

Which two options describe NFV and VNF

Answered: 1 week ago