Question refer to the information in qs 6-5 and assume the, Ask an Expert

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

QS 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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92342053

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