QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1

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.)

Required information Use the following information for the Quick Study below. (Algo) (11-14) (The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 30 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $16.00 cost 35 units @ $24.00 cost 30 units @ $29.00 cost X Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of units Cost per unit Inventory Value # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 20 at $ 16.00 $ 320.00 20 at $ 16.00 $ 320.00 35 at $ 24.00 $ 840.00 20 at $ 16.00 $ 320.00 December 14 35 at $ 24.00 = 840.00 Average cost December 14 55 at $ 1,160.00 December 15 30 at $ 24.00 11 $ 720.00 25 at $ 29.00 X = $ 725.00 30 at $ 29.00 $ 870.00 25 at $ 29.00 II $ 725.00 December 21 30 at $ 29.00 870.00 Average cost December 21 55 at Totals $ 720.00