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-   -   How do you do ths problem Mercedes Brown starts a merchandising business on December (https://www.askmehelpdesk.com/showthread.php?t=467043)

  • Apr 25, 2010, 03:51 PM
    Deblove123
    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 $
  • Apr 28, 2010, 11:05 PM
    morgaine300

    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

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