12.

Required information

Use the following information for the Quick Study below. (Algo) (11-14)

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[The following information applies to the questions displayed below.] 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

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.

Weighted Average - Perpetual:

Date

Goods purchased

Cost of Goods Sold

Inventory Balance

# 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

10selected answer correct

at

$20.00selected answer correct

=

$200.00

10selected answer correct

at

$20.00selected answer correct

=

$200.00

December 14

20selected answer correct

at

$26.00selected answer correct

=

$520.00

?

at

$20.00

=

20selected answer correct

at

$26.00

=

520.00

Average cost December 14

20

at

?

$520.00

December 15

15selected answer correct

at

?

=

$420.00

15selected answer correct

at

?

=

$397.50

December 21

15selected answer correct

at

$28.00selected answer correct

=

$420.00

15selected answer correct

at

$26.50

=

$397.50

15selected answer correct

at

$28.00

=

420.00

Average cost December 21

30

at

?

Totals

$420.00

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