90.2K

Verified Solution

Link Copied!

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 ploces.$)$

Answer is complete but not entirely correct.

Required information

Use the following information for the Quick Study below. $($Algo$)(11-14)$

$[$The following information applies to the questions displayed below.$]$

Trey Monson starts a merchandising business on December $1$ and enters into the following three inventory purchases. Monson uses a peqpetual inventory system. Also, on December $15,$ Monson sells $15$ units for $$32$ each.

Purchases on December $7$

Purchases on December $14$

Purchases on December $21$

$10$ units $$18\mathrm{.}00$ cost

$20$ units $$24\mathrm{.}00$ cost

$15$ units e $$26\mathrm{.}00$ cost

QS $5-11($Algo$)$ Perpetual: Assigning costs with FIFO LO P$1$

Required:

Determine the costs assigned to the December $31$ ending inventory based on the FIFO method.

$\backslash$table$[[$Perpelunififo:$],[$Dale$,$Goods Purchased,Cost of Goods Sold,Imentory Balanke$],[$A of Units,$\backslash$table$[[\backslash$table$[[$Cost Per$],[$Unit$]],],[$$$,18\mathrm{.}00]],\backslash$table$[[$Goods$],[$Purchased$]],\backslash$table$[[$fo of$],[$Unils$],[$Sold$]],\backslash$table$[[$Cost Per$],[$Unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of Units,$\backslash$table$[[$Cosi Per$],[$Unil$]],\backslash$table$[[$Inventory$],[$Balance$]]],[$December $7,10,$at$,=,$$$180\mathrm{.}00,,,,,10,$at$,518\mathrm{.}00,=,5,180\mathrm{.}00],[$December $14,20,$at$,524\mathrm{.}00,=,5480\mathrm{.}00,,,,,,10,$al$,\backslash$table$[[5,18\mathrm{.}00]],=,5,180\mathrm{.}00],[,,,,,,,,,,20,$at$,524\mathrm{.}00,=,,480\mathrm{.}00],[$Total December $14,,,,,,,,,,,,,,,$$$,660\mathrm{.}00],[$December $15,,,,,,10,$at$,$$$18\mathrm{.}00,=,\backslash$table$[[5,18000]],15,$at$,524\mathrm{.}00,=,5,360\mathrm{.}00],[,,,,,5.,$at$,$$$24\mathrm{.}00,=,\backslash$table$[[5,120,00]],,,,,,],[$Total December $15],[$December $21,15,$ai$,526\mathrm{.}00,=,$$$390\mathrm{.}00,,,,,,15,$at$,$$$24\mathrm{.}00,=,5,360\mathrm{.}00],[,,,,,,,,,,15,$at$,$$$26\mathrm{.}00,=,5,390,00],[$Totals$,,,,,,,,,,,,,,,5,750\mathrm{.}00]]$

Answer & Explanation Solved by verified expert

See Answer