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Required information ABC starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, ABC sells 23
Required information ABC starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, ABC sells 23 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost Required: ABC sells 23 units for $30 each on December 15. ABC 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 # of units Date Cost per unit Cost of Goods Sold # of Cost per Cost of units unit sold Goods Sold Inventory Value # of units Cost per unit Inventory Balance December 7 December 14 Average cost December 15 December 21 Average cost Totals Required: ABC sells 23 units for $30 each on December 15. Of the units sold, 10 are from the December 7 purchase and 13 are from the December 14 purchase. ABC 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 Inventory Balance Cost per Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold # of units Date # of units Cost per unit Inventory Balance unit December 7 December 14 December 15 December 21 Totals
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