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Required Information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following
Required Information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 23 units for $30 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 # of units Cost per Inventory unit Balance Date # of Cost of Goods Sold # of units Cost per Cost of unit sold Goods Sold Cost per unit Inventory Value units December 7 13 @ S 12.00 = S 158.00 13 @ $ 12.00 $ 150.00 December 14 30@ $ 18.00 $ 540.00 13 @ S 12.00 = $ 158.00 S 18.00 = 30 43 @ 540.00 $ 698.00 Average cost December 15 231@ s 0.00 December 21 23 @ S 22.00 $ 500.00 @ @ $ 22.00 - Average cost 0 Totals S 0.00
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