Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three

image text in transcribedimage text in transcribedimage text in transcribed

QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units 30 units 25 units $10.00 cost $15.00 cost $18.00 cost Required Monson sells 25 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 Inventory Balance # of Cost per Inventory units #of units Cost per Cost of sold Inventory Balance Date Cost peri # of units Value Goods Sold! unit unit unit 1510.00 15 10.00 150.00 December 7 150.00 December 14 $ 0.00 $ 0.00 Average cost December 15 December 21 0.00 $ 13.33 $ 0.00 0 Average cost Totals $ 0.00

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

Quality Auditing A Tool For Excellence

Authors: David Mills, J. Mills

1st Edition

041245890X, 978-0412458903

More Books

Students also viewed these Accounting questions