Question: ANSWER ONLY WHAT IS PROVIDED PLEASE (BLUE OUTLINED BOXES) Required information [The following information applies to the questions displayed below.) Trey Monson starts a merchandising

ANSWER ONLY WHAT IS PROVIDED PLEASE (BLUE OUTLINED BOXES) ANSWER ONLY WHAT IS PROVIDED PLEASE (BLUE OUTLINED BOXES) Required information [The

Required information [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 23 units for $30 each. Purchases on December 7 13 units $12.00 cost Purchases on December 14 30 units $18.00 cost Purchases on December 21 23 units $22.00 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.) Date Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of W of units Cost per unit Inventory Value units Cost per Cost of Goods sold unit Sold 13 at $ 12.00 - $ 156.00 Inventory Balance # of units Cost per unit Inventory Balance December 7 13 at $ 12.00 - $ 156.00 December 14 30 $ 18.00 $ 540 00 12.00 5 $16.00 43 at $ at $ 43 at Average cost December 14 December 15 18.00 $ 516.00 23 at $ 30.00 $ 690.00 December 21 23 at $ 22.00 - $ 506.00 Average cost December 21 Totals at $ 22.00 0 $ 690 00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!