Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required: Monson sells 25 units for $45 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.)
Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required: Monson sells 25 units for $45 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.)
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:
Purchases on December 7 | 15 units @ $18.00 cost |
Purchases on December 14 | 29 units @ $27.00 cost |
Purchases on December 21 | 25 units @ $32.00 cost |
QS 5-11 Periodic: Inventory costing with LIFO LO P1
Required:
Monson sells 25 units for $45 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.)
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