Question: Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: 10

 Use the following information for the Quick Study below. Trey Monson

Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: 10 units S 6.00 cost Purchases on December 7 20 units $12.00 cost 15 units $14.00 cost Purchases on December 14 Purchases on December 21 QS 5-16A Periodic: Inventory costing with weighted average LO P3 Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Periodic Weighted Average Inventory on hand Cost of Goods Sold Cost per unit Inventory# of units Value Cost of Cost per unit Goo Sold #of units sold Purchase December 7 Purchase-December 14 Purchase - December 21 Available for Sale December Sales Total

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