Question

Check my Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.ee cost 20 units $12.00 cost 15 units $14.ee cost Required: Monson sells 15 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. Cost of Goods Sold # of units Cost of sold unit Goods Sold Weighted Average - Perpetual: Goods purchased Date # of Cost per Inventory units unit Value December 7 December 14 Cost per Inventory Balance # of units Inventory unit Balance Cost per Average cost

Answer 1

	Good purchased			Cost of goods sold			Inventory balance
Date	# of units	Cost per unit	Inventory Value	# of units	Cost per unit	Cost of goods sold	# of units	Cost per unit	Inventory balance
December 7	10	$6.00	$60.00				10	$6.00	$60.00
December 14	20	$12.00	$240.00				10	$6.00	$60.00
							20	$12.00	$240.00
Average cost							30	(300 / 30) $10.00	$300.00
December 15				15	$10	$150	15	$10.00	$150.00
December 21	15	$14.00	$210.00				15	$10.00	$150.00
							15	$14.00	$210.00
Average cost							30	(360 / 30) $12.00	$360.00
Total						$150