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.
Required:
Determine the costs assigned to the December 31 ending inventory based on FIFO.
Click here: Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases
