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 into the following

image text in transcribed

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 periodic inventory system. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round cost per units to 2 decimal places.) Answer is complete but not entirely correct. Ending Inventory Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Cost of # of # of Cost per Goods Average Cost of units unit units Available Cost per Goods Sold sold Unit for Sale # of units in ending inventory Average Cost per unit Ending Inventory 10.00 $ 150 Purchases: December 7 December 14 December 21 15$ 30$ 25$ 450 15.00 17.00 425 Total 70 $ 14.64 $ 1,025 (366) S 366.00 (133,956.00) (366) XS 366.00 (133,956.00)

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

Factory Accounts

Authors: John Whitmore

1st Edition

0367494825, 9780367494827

More Books

Students also viewed these Accounting questions