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 purchases. Also, on December 15, Monson sells 27 units for $20 each Purchases on December 7 Purchases on December 14 Purchases on December 21 17 units @ $8.00 cost 34 units @ $12.00 cost 27 units $14.00 cost QS 6-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 27 units for $20 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.) Answer is not complete. Weighted Average - Perpetual: Goods purchased Date # of Cost per Inventory units unit Value Cost of Goods Sold #of units per Cost of sold Goods Sold Cost Inventory Balance Cost # of units per Inventory Balance December - 170 @ 31 @ 136.00 58.00 12.000 17 @ S 800 December $136.00 108.00 17 @ - $ 136.00 $ 8.00 S. 12.00 34 @ Average cost 408.00 51 e 554400 mber 15 270 @ 12.00 - 270 @ 22400 170 17 14.00 - 58.00 6 • _$ 138 $ 8.00 = $ 136.00 378 00 @ 27e 1400 378 00 Average cost 44 e 5616.00 14.00 Totals 324.00 ex 10 of 13 Next >

Answer 1

Cost of Goods Sold cost per unit Cost of goods sold # of Units Date December 7 December 14 Goods Purchased # of Units Cost per unit # of Units sold 17 @ $ 8.00 34 @ $ 12.00 @ T$ 17 34 @ Average cost = Total inventory balance $ 544/Total units 51 27 @ $ 10.67 = $ 288 Inventory Balance Cost per unit Inventory balance $ 8.00 136.00 $ 8.00 136.00 $ 12.00 408.00 10.67 544.00 $ 10.67 256.00 $ 256.00 $ 14.00 378.00 IS 12.43 634.00 $ 12.43 634.00 December 15 December 21 27 @ $ 14.00 @ 24 @ 27 @ © © © Average cost = Total inventory balance $ 634/Total units 51 27 288.00 werage cost total inventory balance as a totali