Question

EYELV Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $ 6.00 cost 20 units $12.00 cost 15 units e $14.00 cost 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.) Answer is not complete. Periodic Weighted Average Cost of Goods Sold Cost of Cost per Goods Sold of units sold Cost Purchase - December 7 Purchase. December 14 Inventory on hand # of Inventory units per unit Value 10 $ 6.00 60 20 12.00 240 15 14.00 210 11 33 510 Purchase - December 21 45 Available for Sale December Sales 11.33 510 Total 1,020

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Answer 1

Calculate following

Periodic weighted average	Inventory on hand			Cost of goods sold
	# of units	Cost per unit	Inventory value	# of units sold	Cost per unit	Cost of goods sold
Purchase- December 7	10	6	60
Purchase-December 14	20	12	240
Purchase-December 21	15	14	210
Available for sale	45	11.33	510
December Sales	15	11.33	170	15	11.33	170
Total	30	11.33	340	15	11.33	170