Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 18 units for $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $400 cost 26 units @ $6.00 cost 18 units @ $700 cost Required: Monson sells 18 units for $10 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 Inventory Balance Cost per #of units Cost of Goods Sold # of units Cost of sold unit Goods Sold Cost per unit Date Inventory Value # of units Inventory Balance Cost per uriit December 7 December 14 Average cost December 15 December 21 Average cost Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started