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July 24, 2014

Homework Help: accounting

Posted by Girlie on Saturday, October 25, 2008 at 5:18pm.

I NEED HELP; I'M LOST

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.

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