Tevin Trader?

Question

Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases.

December 7 10 units @ $6 cost

December 14 20 units @ $12 cost

December 21 15 units @ $14 cost

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.

Check ( c ) $360.

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Answer 1

I've sent the Excel file to the address you gave me.