[jazzyshoes2004]

Need help with this problem: 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 indentification.

[ArcSine]

Hints:

June only has 30 days :)

"...starts a merchandising biz on Jun 1..." means "no beginning inventory".

Therefore, ending (Jun 30) inventory = June purchases, less June sales.
45 - 15 = 30.

To answer your question, determine the cost of those 30 units remaining on hand at Jun 30, assuming those 30 units (a) are the last 30 units bought; (b) are the first 30 units bought; (c) have the same cost as the weighted-average cost of all units bought in June; or (d) are what's left if 8 of the sold units are $6 items and 7 of the sold units are $12 items.

[ArcSine]

P.S.: I see the Lovely Alty has also given you some excellent FYI advice on this same question down the hall in the Homework Wing... be sure to check it out if you haven't already. To which I'll add, resist the urge to double-post. Keep homework questions in the homework section. Good luck with your studies.