Question
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
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 $34 each.
| Purchases on December 7 | 10 units @ $20.00 cost |
|---|---|
| Purchases on December 14 | 20 units @ $26.00 cost |
| Purchases on December 21 | 15 units @ $28.00 cost |
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Note: Round your per unit costs to 2 decimal places.
Weighted Average - Perpetual:
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
Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
18th Edition
0077486277, 978-0077486273
