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    kimigirl33's Avatar
    kimigirl33 Posts: 4, Reputation: 1
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    #1

    Oct 7, 2009, 06:50 AM
    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
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Oct 9, 2009, 11:40 AM

    Please see the guidelines on posting homework problems:
    Ask Me Help Desk - Announcements in Forum : Homework Help
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