Deblove123
Apr 25, 2010, 03:51 PM
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 $
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 $