Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 715 units @ $18.00 costPurchases on December 1430 units @ $27.00 costPurchases on December 2125 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.)

image text in transcribed
tired information X Answer Is not complete. Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date # of Cost per Inventory # of Cost Cost of Cost units unit Value units per Goods # of units Inventory sold unit Sold per unit Balance December 7 15 @ $ X $ 15.00 225.00 December $ 14 30 @ 27.00 810.00 27.00 Average cost $ 0.00 December 15 $ 0.00 December 21 $ 0.00 Average cost O Totals $ 0 00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2018

Authors: Bernard J. Bieg, Judith Toland

28th edition

1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040

More Books

Students also viewed these Accounting questions

Question

=+What are the outcomes?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago