[trudy20]

Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification (Note: The units sold consist of 660 units from beginning inventory, 270 units from the February 10 purchase, 250 from the March 13 purchase, 110 from the August 21 purchase and 130 from the September 5 purchase, and), (d) weighted average

[ebaines]

Trudy - if you understand what LIFO and FIFO are, this kind of problem isn't too difficult. Do you understand how LIFO and FIFO techniques effect the value of inventory? Try listing out a running chronological history of each activity and its effect on inventory value - that is, as each addition is made to inventory and each sale made of inventory, keep a running balance of the inventory that remains.