Homework Help: Financial Accounting

Posted by Autumn on Thursday, April 2, 2009 at 9:57pm.

Brenda starts a merchanding business on December 1 and enters into three invfentory purchases:
December 7 10 units @&6 cost
December 14 20 units @12 cost
December 21 15 units @ 14 cost

Brenda sells 15 units for 25.00 each on Dec 15. Eight of the sold units are from dec 7 purchase and seven are from dec 14 purchase. Brenda uses a perpetual inventory system. Determine the costs assigned to the Dec 31 ending inventory when costs are assigned based on A(FIFO),b (LIFO)c weighted average, and d(specific identification.

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