Question
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.
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.