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, Monson uses a periodic inventory system. Also, on

image text in transcribed
image text in transcribed
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases, Monson uses a periodic inventory system. Also, on December 15, Monson sells 27 units for $40 each Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units $16.00 cost 33 units $24.00 cost 27 units $29.00 cost QS 5-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending Inventory when costs are assigned based on the weighted average method (Round cost per units to 2 decimal places.) Welehted average Periodic Goods Available for sale Cost of Goods Sold Cost of Goode Average of units of units Available for Cost of Cost per Sale sold Unit Goods Sold Cost per Ending Inventory of units Average Ending in ending Cost per unit Inventory Inventory unit Purchases December 7 December 14 December 21 Total 5 $ 0,00 $ 0.00 Of the units sold, 14 are from the December 7 purchase and 13 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification Specific Identification Goods Available for Sale Cost of Goods Sold Cost of Goods #of Cost per W of units Cost of Cost Available for unit units per unit Goods Sold Sale sold Ending Inventory # of units Cost per Ending In onding unit Inventory Inventory $ 0 0 0 Purchases December 7 December 14 December 21 $0.00 $ 0.00 0 0 $ 0.00 $ 0.00 0.00 $ 0 0 0 0 $ 0 Total 0 $ 0 0 0

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

Financial and Managerial Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

11th Edition

9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895

More Books

Students also viewed these Accounting questions

Question

Identify and describe basic workplace competencies

Answered: 1 week ago

Question

Describe the steps involved in coaching to improve poor performance

Answered: 1 week ago