Ask Experts Questions for FREE Help !
Ask
    Deblove123's Avatar
    Deblove123 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 25, 2010, 03:51 PM
    How do you do ths problem Mercedes Brown starts a merchandising business on December
    How do you do this problem
    Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases:

    December 7 10 units @ $ 9 cost
    December 14 20 units @ $ 10 cost
    December 21 15 units @ $ 12 cost

    Brown sells 18 units for $35 each on December 15. Seven of the sold units are from the December 7 purchase and eleven are from the December 14 purchase. Brown uses a periodic inventory system. Determine the costs assigned to the December 31 ending inventory inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d ) specific identification. (Round per unit costs to 3 decimals places. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

    Ending Inventory
    a. FIFO $
    b. LIFO $
    c. Weighted Average $
    d. Specific Identification $
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #2

    Apr 28, 2010, 11:05 PM

    Here is an online text showing how to do inventory. Please make an attempt to do the problem, and then show your attempts and someone can guide you from there:
    Principles of Accounting Chapter 8

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1995 Mercedes-Benz Radio Problem [ 4 Answers ]

I have a 1995 Mercedes-Benz. I can't get the radio to work. When I turn the radio on, it displays the word, "CODE", and nothing that I do can turn it on. What is the procedure to get around this roadblock, short of going to a M-B dealership?

Merchandising business account record [ 2 Answers ]

Which accounts are affected merchandising business record a sale?


View more questions Search