Refer to QS 6-1 and assume the periodic inventory system is used. 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.

 QS 6-1

Tevin Tiader starts a merchandising business on December 1 and enters into three inventory purchases:

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) FIFO,

(c) weighted average, and

(d) specific identification.

Transcribed Image Text:

December 7 10 units @ $ 6 cost December 14 December 21 15 units @ $14 cost 20 units @ $12 cost