quicklove
Nov 12, 2009, 04:14 PM
DEC 7 10 [email protected]
DEC 14 20 UNITS @ 12.00
DEC 21 15 UNITS @ 14.00
Trader sells 15 units for $25 each on Dec 15. Eight of the sold units are from the Dec 7 purchase and seven are from the Dec 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the Dec 31 ending inventory when costs are assigned based on FIFO, LIFO, weighted average, and specific identification.
DEC 14 20 UNITS @ 12.00
DEC 21 15 UNITS @ 14.00
Trader sells 15 units for $25 each on Dec 15. Eight of the sold units are from the Dec 7 purchase and seven are from the Dec 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the Dec 31 ending inventory when costs are assigned based on FIFO, LIFO, weighted average, and specific identification.