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 perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost 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.) Inventory Balance Date Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of # of Cost per Inventory Cost per Cost of Goods units unit Value units unit sold Sold 10 at $ 6.00 $ 60.00 # of units Cost per unit Inventory Balance December 7 10 at $ 6.00 = $ 60.00 $ 0.00 December 14 Average cost December 14 $ 0.00 December 15 $ 0.00 $ 0.00 December 21 Average cost December 21 Totals

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_2

Step: 3

blur-text-image_3

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

Software Quality Assurance A Guide For Developers And Auditors

Authors: Howard T. Garst Smith

1st Edition

1574910493, 978-1574910490

More Books

Students also viewed these Accounting questions

Question

6. Have you used solid reasoning in your argument?

Answered: 1 week ago