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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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 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.)

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 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 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.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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 15 units for $20 each. Purchases on December 7 Purchases on December 14 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.) December 7 Date December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost # of units Goods purchased Cost per unit Weighted Average - Perpetual: Inventory Value $ $ 0.00 0.00 $ 0.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 0.00
Transcribed Image Text: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 15 units for $20 each. Purchases on December 7 Purchases on December 14 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.) December 7 Date December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost # of units Goods purchased Cost per unit Weighted Average - Perpetual: Inventory Value $ $ 0.00 0.00 $ 0.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 0.00
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