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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
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 30 units for $35 each.
Purchases on December 7 - 20 units @ $14.00 cost
Purchases on December 14 - 36 units @ $21.00 cost
Purchases on December 21 - 30 units @ $25.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
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