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

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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

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