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August 28, 2015

Homework Help: accounting help

Posted by hello on Tuesday, June 24, 2008 at 10:54pm.

Please help

Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases.

December 7 10 units @ $6 cost
December 14 20 units @ $12 cost
December 21 15 units @ $14 cost


Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.
Check ( c ) $360.

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