Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information [ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1 and enters

!
Required information
[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 15 units for $21 each.
Purchases on December 710 units @ $7.00 cost
Purchases on December 1420 units @$13.00 cost
Purchases on December 21,15 units @ $15.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Note: Round your per unit costs to 2 decimal places.
Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
\table[[Specific Identification],[,Goods Available for Sale,Cost of Goods Sold,Ending Inventory],[,# of units,\table[[Cost per],[unit]],\table[[Cost of Goods],[Available for],[Sale]],\table[[# of],[units],[sold]],\table[[Cost],[per unit]],\table[[Cost of],[Goods Sold]],\table[[# of units],[in ending],[inventory]],\table[[Cost per],[unit]],\table[[Ending],[Inventory]]],[Purchases:],[December 7],[December 14],[December 21],[Total,,,,,,,,,]]
image text in transcribed

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

Culture Audit In Financial Services Reporting On Behaviour To Conduct Regulators

Authors: Dr Roger Miles

1st Edition

1789667755, 978-1789667752

More Books

Students also viewed these Accounting questions

Question

What lessons in intervention design, does this case represent?

Answered: 1 week ago