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where am I going wrong Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a
where am I going wrong
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 18 units for $10 each Purchases on December 7 Purchases on December 14 Purchases on December 21 8 units @ $4.00 cost 26 units @ $6.00 cost 18 units @ $7.00 cost 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.) Inventory Balance Date Weighted Average Perpetual: Goods purchased Cost of Goods Sold # of # of Cost per unit Inventory Value Cost per Cost of Goods units units unit sold Sold 8 at S 4.00 = S 32.00 # of units Cost per unit Inventory Balance 4 ats 4.00) = s 16.00 December 7 7.00 S S 28) at 182.00 8 at S 4.00 = $ 32.00 December 14 7.00= 182.00 2o 1 at S 34 ats 5.71 5 214.00 Average cost December 14 18 at S 5.71 5.71 = 102.78 December 15 10 at S 5.71 = 5 91.36 18 ats 7.00 = $ 126.00 50 ats 5.71 5 285.50 December 21 18 at $ 7.CO 128.0 88 at Average cost December 21 Totais S s 102.78Step by Step Solution
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