Question: Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory
Use the following information for the Quick Study below.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 26 units for $25 each.
| Purchases on December 7 | 16 units @ $10.00 cost |
| Purchases on December 14 | 33 units @ $15.00 cost |
| Purchases on December 21 | 26 units @ $18.00 cost |
QS 5-12 Perpetual: Inventory costing with weighted average LO P1
Required: Monson sells 26 units for $25 each on December 15. Monson uses a perpetual inventory system. 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.)
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