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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $18.00 cost 30 units e $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 units for $45 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.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Inventory Value Cost per Cost per unit Inventory Balance Cost of Date # of units unit unit Goods Sold December 7 15 @ $ 18.00 = 15 @ $ 18.00 = $ 270.00 270.00 30 @ $ 27.00 = 2$ 810.00 $ 270.00 December 14 15 @ $ 18.00 = 30 @ $ 27.00 = 810.00 Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 2$ 800.00 December 21 25 @ $ 32.00 = 15 @ $ 18.00 = $ 270,00 25 @ $ 32.00 = 800.00
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 25 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e $18.00 cost 30 units e $27.00 cost 25 units @ $32.00 cost QS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required: Monson sells 25 units for $45 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.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Inventory Value Cost per Cost per unit Inventory Balance Cost of Date # of units unit unit Goods Sold December 7 15 @ $ 18.00 = 15 @ $ 18.00 = $ 270.00 270.00 30 @ $ 27.00 = 2$ 810.00 $ 270.00 December 14 15 @ $ 18.00 = 30 @ $ 27.00 = 810.00 Average cost 45 @ $ 27.00 = $1,080.00 December 15 25 @ $ 27.00 = $675.00 15 @ $ 18.00 = $ 270.00 2$ 800.00 December 21 25 @ $ 32.00 = 15 @ $ 18.00 = $ 270,00 25 @ $ 32.00 = 800.00
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Just need to know if I'm doing this correctly
Transcribed Image Text: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 25 units for $45 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
15 units @ $18.00 cost
30 units @ $27.00 cost
25 units @ $32.00 cost
QS 5-12 Perpetual: Inventory costing with weighted average LO P1
Required:
Monson sells 25 units for $45 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.)
Weighted Average - Perpetual:
Goods purchased
Cost of Goods Sold
# of
units
Inventory Balance
# of
Cost per
unit
Inventory
Value
Cost per
Cost per
Cost of
Goods Sold
Inventory
Balance
Date
# of units
units
unit
unit
sold
15 @ $ 18.00
$
270.00
$ 270.00
December 7
15 @ $ 18.00 =
%3D
30 @
$ 27.00
$
810.00
December 14
15 @
$ 18.00
$ 270.00
%3D
30 @
$ 27.00
810.00
%D
Average cost
45 @
$ 27.00 =
$1,080.00
December 15
25 @
$ 27.00 =
$675.00
15 @
$ 18.00 =
$ 270.00
December 21
25 @ $ 32.00
15 @
$ 18.00
$ 270.00
%3D
800.00
25 @
$ 32.00
800.00
%3D
Average cost
40 @
$ 27.00 =
$1,080.00
%24
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