Complete a FIFO, LIFO, weighted average, and specific identification
Tevin trader starts a merchandising business on December 1 and enters into three inventory purchases:
December 7 10 units @ $6.00
December 14 20 units @ $12.00
December 21 15 units @ $14.00
Trader sells 15 units @ $25.00 each on December 15, eight are from dec. 7th purchase and 7 are from dec. 14th purchase.
Trader uses a perpetual inventory system. Determine the costs assigned to the dec. 31st ending inbentory when costs are assigned based on
a) fifo
b) lifo
c) weighted average
d) specific identification
