# Acc 225 Week 6 Checkpoint

Submitted By vsherwood10
Words 816
Pages 4
QS 6-1

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. 8 of the sold units are from the December 7 purchase and 7 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.

a) FIFO
|Date |Goods Purchased |Cost of Goods Sold |Inventory Balance |
|12/7 |10 @ \$6= \$60 | |10 @ \$6 = \$60 |
|12/14 |20@ \$12= \$240 | |10@ \$6 |
| | | |20@ \$12 = \$300 |
|12/15 | |10 @ \$6 |15@ \$12 = \$180 |
| | |5 @ \$12 =\$120 | |
|12/21 |15@ \$14= \$210 | |15@ \$12 |
| | | |15@ \$14 = \$390 |
| | |\$120 |…...

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