Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the

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Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)

Data From Quick Study 6-5:

Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases

            December 7             10 units @ $ 9 cost
            December 14           20 units @ $10 cost
            December 21           15 units @ $12 cost

Brown sells 18 units for $35 each on December 15. Seven of the sold units are from the December 7 purchase and eleven are from the December 14 purchase. Brown uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)

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Related Book For  book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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