ACC 225
Axia College of University of Phoenix (UoP)
Financial Accounting
Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)
ACC 225 Solution
Help in ACC 225
Quick Study Questions 6-1 (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. 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.
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