accounting(financial)

posted by .

Assigning costs to inventory-perpetual symstem. Dec. 7 10 units @ $6
Dec. 14 20 units @ $12
Dec. 21 @ $14
Trader sells 15 units for $25 each on Dec,15 eight of the sold units are from Dec. 7 purchase and seven are from Dec. 14 purchase. Determine the costs assigned to Dec.31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific indenification.Can anybody please explain how to do this? Please I'm very confused.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    Using a perpetual system, how do I determine the FIFO,LIFO, weighted average, and specific identification. Dec. 7, 10 units @ 6.00, Dec 14 20units @ 12.00, and Dec 21. 15 units @ 14.00 cost. trader sells 15 units for 25 each on December …
  2. accounting help

    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 …
  3. Math

    Please check my answer thanks :) What is the dollar value of ending inventory if there was 300 units on hand Dec 31 Round your answer to the nearest dollar Use the FIFO method Inventory of windshelid wipers Jan 1 300 units @$11.00=3300 …
  4. ACCOUNTING help

    how to post On March 1, 2003, a company paid a $16,200 premium on a 36- month insurance policy for a coverage beginning on that date. Refer to that policy and fill in the blanks in the following table: Balance Sheet Insurance Asset …
  5. Financial Accounting

    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. …
  6. CONTEMPORARY MATH

    HOW DID THEY GET THIS ANSWER? PHYSICAL INVENTORY OF PICTURE FRAME WAS TAKEN AT TARGET THEY FOUND THERE WAS 700 WAS REMAINING WHAT WAS THE INVENTORY PRICING?
  7. geometry

    in the abcd parallelogram ad=10 units ac= 12 units ed= 4.5 units ab= 8 units. If angle aed = 100 then dec= ?
  8. Math

    I have 2 questions involving inventory Question 1. Your a manager of an auto parts store.Figures below contains your records of the annual inventory figures for windshield wipers. Using the FIFO method of inventory pricing,hat is the …
  9. Computer science

    How to convert from decimal to binary in matlab.....this is what I have so far..... dec = 43; i = 1; sum=0; while dec>0 r = rem(dec, 2); sum=sum+(i*rem); dec=dec/2; i=i*10; end sum
  10. Accounting

    On December 1,2016, AJNB Company commences its operation. The following transactions occured for the month of December 2016. a.) Dec.1 The owner invests 1,000,000 to start the operation of the business b.) Dec.1 Paid rent in advance …

More Similar Questions