Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each.
| Purchases on December 7 | 18 units @ $4.00 cost |
| Purchases on December 14 | 35 units @ $6.00 cost |
| Purchases on December 21 | 28 units @ $7.00 cost |
Monson sells 28 units for $10 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
4.
Required:
Monson sells 28 units for $10 each on December 15. Monson uses a perpetual inventory system. 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 places.)
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $10 each.
| Purchases on December 7 | 18 units @ $4.00 cost |
| Purchases on December 14 | 35 units @ $6.00 cost |
| Purchases on December 21 | 28 units @ $7.00 cost |
Monson sells 28 units for $10 each on December 15. Monson uses a perpetual inventory system. 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 places.)
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