Required information Use the following information for the Quick Study below (Static) (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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 December 14 December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Goods Available for Sale Number Cost per of units unit 10 $ 20 $ 15 $ 14.00 45 6.00 $ 12.00 Cost of Goods Available for Sale Weighted average - Periodic $ 60 240 210 510 Number of units sold Cost of Goods Sold Average Cost per Unit Cost of Goods Sold $ 0.00 Number of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory $ 0.00
Required information Use the following information for the Quick Study below (Static) (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 periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 QS 5-13 (Static) Periodic: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 December 14 December 21 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Goods Available for Sale Number Cost per of units unit 10 $ 20 $ 15 $ 14.00 45 6.00 $ 12.00 Cost of Goods Available for Sale Weighted average - Periodic $ 60 240 210 510 Number of units sold Cost of Goods Sold Average Cost per Unit Cost of Goods Sold $ 0.00 Number of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory $ 0.00
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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