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 $33 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Date Required: Determine the costs assigned to the December 31 ending inventory based

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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 $33 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Date Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. December 7 December 14 Total December 14 December 15 10 unita $19.00 cost $25.00 cost $27.00 cost 20 units 15 units # of Units Goods Purchased Cost Per Unit Goods Purchased Perpetual FIFO # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance Cost Per Unit # of Units Inventory Balance B of 4 47.59 Purchases on December 21 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 December 7 December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 15 units $27.00 cont #of units Weighted Average Perpetual: Goods purchased #of Cost per unit Inventory Value units sold Cost of Goods Sold Cost per Cost of Goods. Sold unit Inventory Balance of units Cost per unit Inventory Balance

Expert Answer

Perpetual FIFO \ \ P… View the full answer