Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 18 units for $10 each.

Purchases on December 7	8 units @ $4.00 cost
Purchases on December 14	26 units @ $6.00 cost
Purchases on December 21	18 units @ $7.00 cost

QS 5-12 Perpetual: Inventory costing with weighted average LO P1

Required: Monson sells 18 units for $10 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.

Weighted Average - Perpetual:

Goods purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

Inventory Value

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

December 7

December 14

Average cost

December 15

December 21

Average cost

Totals