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

Also, on December 15, Monson sells 15 units for $20 each.

Purchases on December 7 10 units @ $6.00 cost
Purchases on December 14 20 units @ $12.00 cost
Purchases on December 21 15 units @ $14.00 cost
Required:

1. Assume the periodic inventory system is used. 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 decimals.)

Periodic Weighted Average Inventory on Hand Cost of Goods Sold
# of units Cost per unit Inventory Value # of units sold Avg. Cost per Unit Cost of Goods Sold
Purchase - December 7
Purchase - December 14
Purchase - December 21
Available for Sale
December Sales
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Total
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2. Monson sells 15 units for $20 each on December 15. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase and assume the periodic inventory system is used.

Determine the costs assigned to ending inventory when costs are assigned based on specific identification. (Round cost per unit to 2 decimal places.)

Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance
# of units Cost per Unit Cost of Goods Available for Sale # of units sold Cost per Unit Cost of Goods Sold # of units in ending Inventory Cost per Unit Ending Inventory
Purchases:
December 7
December 14
December 21
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Total
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