! Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost Required: Monson sells 27 units for $40 each on December 15. Monson 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 # of Cost per Inventory Date units unit Value $ December 7 17 @ $ 16.00] = 272.00 $ December 14 33 @ $ 24.00= 792.00 Cost of Goods Sold # of Cost per Cost of units unit Goods Sold sold Inventory Balance # of units Cost per Inventory unit Balance 17 @ $ 16.00] = $ 272.00 $ 272.00 17 @ $ 16.00 = 33 @ $ 24.00 = 50 @ $ 21.28 = 792.00 $1,064.00 Average cost December 15 271@ $ 21.28 = $574.56 $ 21.28] = December 21 27 @ $29.00 = 783.00 @ $ 21.28 = 783.00 27 @ $ 29.00 = 27 @ Average cost Totals $574.56 Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 27 units for $40 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $16.00 cost 33 units @ $24.00 cost 27 units @ $29.00 cost Required: Monson sells 27 units for $40 each on December 15. Of the units sold, 14 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification. Specific Identification-Perpetual: Goods purchased # of Cost per Date units unit # of units sold Cost of Goods Sold Inventory Balance Cost per Cost of Goods Cost per Inventory # of units unit Sold unit Balance December 7 17 @ $ 16.00 $272.00 17 @ $ 16.00] = $ 272.00 December 14 33 @ $ 24.00 II $792.00 17 @ $ 16.00 = 33 @ $ 24.00 = $ 272.00 792.00 $1,064.00 December 15 14 @ $ 16.00] = $ 224.00 13 @ $ 24.00= $ 312.00 @ $ 16.00 = @ $ 24.00 = December 21 $ 0.00 $ 16.00 = $ 24.00 = Totals $ 536.00