Required information Use the following information for the Q

Required information Use the following information for the Quick Study below. starts a merchandising business on December 1 and enters into the following three inventory purchases Aiso, on December 15, Monson selis 15 units for $20 each Purchases an Decenber 7 Purchases on Decenber 14 Purchases on December 21 e units $6.00 cost 2e units $12.0 cost 15 units $14.80 cost OS 5-12 Perpetual: Inventory costing with weighted average LO P1 Required Monson sells 15 units for $20 ending inventory when costs are assigned based on the weighted average method O each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to Weighted Average-Perpetual Goods purchased Cost of Goods Sold Inventory Balance # of Cost per inventory units units Date unit Value sold unit Goods Sold! #Of units ostper Inventory Balance Average cost December 21 K Prev f Next> o search Home nd 4 6 8 9 0

Solution

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 7-Dec 10 6 60 10 6 60 14-Dec 20 12 240 10 6 60 20 12 240 AVERAGE 30 10 300 15-Dec 15 10 150 15 10 150 21-Dec 15 14 210 15 10 150 15 14 210 AVERAGE 30 12 360 TOTAL 45 510 15 150 30 12 360