Janet starts a merchandising business on June 1 and enters into three inventory purchases:
June 7 - 10 units @ $6.00 cost
June 14 - 20 units @ $12.00 cost
June 21 - 15 units @ $14.00 cost
Janet sells 15 units for $25.00 each on June 15. Eight of the sold units are from the June 7 purchase and seven are from June 14 purchase. Janet uses a perpetual inventory system. Determine the costs assigned to the June 31 ending inventory when costs are assigned based on (a) FIFO. (b) LIFO, (c) weighted average, and (d) specific identification.

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Originally Posted by kumud343

Thanks...Hope this is helpful...

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It'll be removed. ;)

Online text with info on this:Principles of Accounting Chapter 8

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