Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trey Monson starts a merchandising business on December I and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on

Trey Monson starts a merchandising business on December I and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $32 each.
Purchases on Decimber 7
Rurchases on December 14
Purchases on December 21
10 units $18,00 cost
20 units e $24.00 cost
15 units 9$26.00 cost
QS 5-13(Algo) Perpetual: Inventory costing with weighted average LO P1
Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method: (Round your per unit costs to 2 decimal places.)
Answer is complete but not entirely correct.
\table[[Weighted Areroge-Peipetinat:],[\table[[Dste],[December 7]],Goods nurchased,Cost of Goods Sold,Inventory Bslance],[\table[[\table[[I of],[units]]],[100]],Cost per unit,Inventory Value,\table[[of],[units],[sold]],\table[[Cost],[pet],[unit]],\table[[Cost of Goods],[Sold]],of units,\table[[Cost per],[Unit]],\table[[Impentory],[Balance]]],[at,$,18.000,=,180.00,,,,100,at,5,18000,=,5,1800],[December 14,200,at,5,24.000,=,5,480.00,,,,,100,at,$,16.00,=,s,18000],[,,,,,,,,,,200,at,,2400,=,,48000],[\table[[Average cost December],[14]],,,,,,,,,,,30,at,s,26.000,=,s,660.00],[December 15,,,,,,,150,at,$?24000,5360.00,150,at,5,24000,=,s,36000],[December 21,150,al,5,26.000,=,$,390.00,,,,,150,al,5,24.00,=,5,360.00],[,,,,,,,,,,150,at,5,26,00,=,,350.00],[\table[[Average cost December],[21]],,,,,,,,,,,30,at,5,28,000,=,s,84000],[Totals,,,,,,,,,,5360.00,,,,,,5,84000]]
questtioquesttion: cantt figure out the red x's help.
image text in transcribed

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_2

Step: 3

blur-text-image_3

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 Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

7th Edition

027378563X, 9780273785637

More Books

Students also viewed these Accounting questions