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    quicklove's Avatar
    quicklove Posts: 1, Reputation: 1
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    #1

    Nov 12, 2009, 04:14 PM
    Assigning costs to inventory- perpetual systems
    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.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Nov 12, 2009, 07:48 PM

    Please see the guidelines for posting homework problems:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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