Requlred 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 nventory purchases. Monson uses a perlodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units e $ 6 cost 20 units ē $12 cost 15 units e $14 cost Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending Inventory when costs are assigned based on the welghted average method. (Round cost per units to 2 decimal places.)

Requlred 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 nventory purchases. Monson uses a perlodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units e $ 6 cost 20 units ē $12 cost 15 units e $14 cost Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending Inventory when costs are assigned based on the welghted average method. (Round cost per units to 2 decimal places.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
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