Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. trey monson starts a merchandising business on dec

Trey Monson starts a merchandising business on December 1 and enters into the following three...

80.2K

Verified Solution

Question

Accounting

imageTrey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each.

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 29 units for $50 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 19 units @ $20.00 cost 36 units @ $30.00 cost 29 units @ $36.00 cost 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 decimal places.) X Answer is complete but not entirely correct. Periodic Weighted Average Inventory on hand Cost per # of units Inventory Value # of units sold Cost of Goods Sold Average Cost of Goods unit Sold Cost per unit 19 20.00 $ 380 Purchase - December 7 Purchase - December 14 36 30.00 Purchase - December 21 29 36.00 Available for Sale 84 28.67 X 1,080 1,044 2,504 1,450 3,954 December Sales 29 x 50.00 x Total 113 $ 34.99 X $ 0 $ 0.00

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students