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

Total

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

Total

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths