Asked by Angela
Assigning costs to inventory-perpetual symstem. Dec. 7 10 units @ $6
Dec. 14 20 units @ $12
Dec. 21 @ $14
Trader sells 15 units for $25 each on Dec,15 eight of the sold units are from Dec. 7 purchase and seven are from Dec. 14 purchase. Determine the costs assigned to Dec.31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific indenification.Can anybody please explain how to do this? Please I'm very confused.
Dec. 14 20 units @ $12
Dec. 21 @ $14
Trader sells 15 units for $25 each on Dec,15 eight of the sold units are from Dec. 7 purchase and seven are from Dec. 14 purchase. Determine the costs assigned to Dec.31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific indenification.Can anybody please explain how to do this? Please I'm very confused.
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