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 25
"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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units @ $18.00 cost 30 units @ $27.00 cost 25 units @ $32.00 cost Required: Monson sells 25 units for $45 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 per Cost of Goods Sold # of Cost per units Cost of unit sold Goods Sold Date Inventory Value # of units Inventory Balance unit unit December 7 $ 0.00 December 14 $ 0.00 Average cost $ 0.00 December 15 $ 0.00 December 21 $ 0.00 0 Average cost Totals $ 0.00
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