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    Help with financial accounting? Tevin Trader starts a merchandising business?

    I have worked on these problems, but I am out of balance on both. Can someone please help me. 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.
    a few seconds ago 1 Answer

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    December 31 ending inventory (a) FIFO $390 (b) LIFO $330 (c) weighted average $360 (d) specific identification $378
    a few seconds ago

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