[cutie1227]

Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases:
Dec. 7: 10 units at $6
Dec. 14: 20 units @ $12
Dec. 21: 15 units @ $14

Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system.
Determine the costs assigned to the December 31 ending inventory when costs are assigned based on
(a) FIFO, (b) LIFO, (c) weighted average, and (d ) specific identification.

Can anyone tell me if my answers are correct. If not, do not give me the correct answer, but just tell me which ones I need to work on. Thanks!

a). Ending inventory is 390
b). Ending inventory is 330
c). Ending inventory is 360
d). Ending inventory is 378

[mayur.h]

Go for FIFO Menthod. It is simple and eagy to adoptabel.

[Just Looking]

Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases:
Dec. 7: 10 units at $6
Dec. 14: 20 units @ $12
Dec. 21: 15 units @ $14

Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system.
Determine the costs assigned to the December 31 ending inventory when costs are assigned based on
(a) FIFO, (b) LIFO, (c) weighted average, and (d ) specific identification.

Can anyone tell me if my answers are correct. If not, do not give me the correct answer, but just tell me which ones I need to work on. Thanks!

a). ending inventory is 390
b). ending inventory is 330
c). ending inventory is 360
d). ending inventory is 378

Your answers are all correct.