[kendu2006]

I started a T shirt Business (merchandising business just this Dec 1, 06.
I need to enter three inventory purchases.

Dec 7 10 units @ $6.00 = $60
Dec 14 20 units @ $12.00= $240
Dec 21 21 units @ $14.00= $210

I sold 15 units for $25 each on Dec 15th. $375
8 of the units sold are from Dec 7th purchase and 7 are from Dec 14th purchase.
I need to use the perpetual inventory system.
I need help to determine the cost assigned to the Dec 31 ending inventory with


(a) FIFO

(b) LIFO

(c) weighted average

(d) specific identification

Please help me with these accounting methods, Thank You.

A)
Date Goods Purchased Cost of Goods Sold Inventory Balance

7-Dec beginning balance 10 units @ $6.00 = $ 60.00

14-Dec 20 units@ $12.00= 240.00 10 units @ $6.00 +
20 units @ $12.00 = 300.00
15 units @ $25.00 = 375.00
15-Dec 8 units @ $ 6.00 = 48 15 units @ $12.00 = 180.00
7 units @ $12.00 = 84+48=132

21-Dec 15 units @ $14.00 = $210.00 15 units @ $12.00= 180.00
15 units @ $14.00= 210.00 390

31-Dec 8 units @ $ 6.00 = 48 15 units @ $12.00= 180.00 + 15 units @ $14.00= 210.00=
7 units @ $12.00 = 84+48=132 390

FIFO 375+132+390= 897

B)

7-Dec beginning balance 10 units @ $6.00 = $ 60.00

14-Dec 20 units @ $12.00=240.00 10 units @ $6.00 +
20 units @ $12.00 = 300.00

15-Dec 15 units @ $25.00 = 375.00
10 units @ $12.00=120 15 units @ $6.00= $90.00
5 units @ $6.00= 30+120 =150

21-Dec 15 units @ $14.00=$210.00 15 units @ $6.00 = $90.00
20units @ $14.00 = $280.00 370

31-Dec 10 units @ $12.00= 120 10 units @ $12.00=120 + 20 units @ $14.00= 280
5 units @ $6.00=30+120= 150

LIFO 340+240 + 370 =950
C) $360.00
D) $344.00