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[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three
[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 10 units @ $ 6 cost Purchases on December 21 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.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Date # of # of units Cost per unit Inventory Value units sold Cost per Cost of Goods unit Inventory Balance Cost per # of units Sold unit Inventory Balance December 7 December 14 10 at $ 6.00 = $ 60.00 10 at $ 6.00 = $ 60.00 20 at $ 12.00 = $ 240.00 Average cost December 14 10 at $ 6.00 = $ 60.00 20 at $ 12.00 = 240.00 30 at $ 300.00 December 15 15 at $ 0.00 15 at $ 14.00 = $ 210.00 10 at December 21 20 at $ 14.00 = 280.00 Average cost December 21 30 at Totals
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