Trey Monson Starts A Merchandising Business On December 1 And Enters Into The Following Three Inventory Purchases Monso 1 (46.45 KiB) Viewed 11 times
Based on Specific Identification
Trey Monson Starts A Merchandising Business On December 1 And Enters Into The Following Three Inventory Purchases Monso 2 (44.78 KiB) Viewed 11 times
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 $29 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@ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost # of units Weighted Average Perpetual: Goods purchased Cost per unit Inventory Value #of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance
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 $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending Inventory when costs are assigned based on specific Identification. Purchases: December 7 Total December 14 December 21 10 units@ $15.00 cost 20 units@ $21.00 cost 15 units @ $23.00 cost # of units Goods Available for Sale Cost per unit Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold Ending Inventory # of units in ending Cost per Ending unit Inventory Inventory
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!