Question
In: Accounting
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 6 | units at $27 | $162 |
| Aug. 13 | Purchase | 15 | units at $28 | 420 |
| Nov. 30 | Purchase | 7 | units at $29 | 203 |
| Available for sale | 28 | units | $785 | |
There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
| a. | First-in, first-out (FIFO) | $ |
| b. | Last-in, first-out (LIFO) | $ |
| c. | Weighted average cost |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory
Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item
available for sale during the year were as follows:
Jan. 1
Inventory
10
units at $36
$360
Aug. 7
Purchase
15
units at $38
570
Dec. 11
Purchase
15
units at $39
585
40
units
$1,515
There are 18 units of
the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost using (a)
the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
15
units at $36
$540
Aug. 7
Purchase
20
units at $37
740
Dec. 11
Purchase
15
units at $38
570
50
units
$1,850
There are 19 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
9
units at $28
$252
July 7
Purchase
6
units at $31
186
Nov. 23
Purchase
14
units at $33
462
29
units
$900
There are 17 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
10
units at $26
$260
Aug. 7
Purchase
15
units at $28
420
Dec. 11
Purchase
10
units at $29
290
35
units
$970
There are 16 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods The units of an item available for sale during the year
were as follows: Jan. 1 Inventory 5 units at $37 $185 Aug. 7
Purchase 18 units at $39 702 Dec. 11 Purchase 13 units at $40 520
36 units $1,407 There are 16 units of the item in the physical
inventory at December 31. The periodic inventory system is used.
Determine the inventory cost using
(a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods The units of an item available for sale during the year
were as follows: Jan. 1 Inventory 13 units at $41 $533 Aug. 7
Purchase 19 units at $44 836 Dec. 11 Purchase 13 units at $46 598
45 units $1,967 There are 16 units of the item in the physical
inventory at December 31. The periodic inventory system is used.
Determine the inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
5
units at $34
$170
Aug. 7
Purchase
19
units at $35
665
Dec. 11
Purchase
14
units at $37
518
38
units
$1,353
There are 19 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
4
units at $31
$124
Aug. 7
Purchase
20
units at $33
660
Dec. 11
Purchase
13
units at $35
455
37
units
$1,239
There are 17 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
15
units at $4,000
$60,000
Aug. 7
Purchase
21
units at $4,600
96,600
Dec. 11
Purchase
18
units at $5,100
91,800
Available for sale
54
units
$248,400
There are 17 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a)...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods The units of an item available for sale during the year
were as follows: Jan. 1 Inventory 6 units at $36 $216 Aug. 7
Purchase 20 units at $37 740 Dec. 11 Purchase 13 units at $38 494
39 units $1,450 There are 16 units of the item in the physical
inventory at December 31. The periodic inventory system is used.
Determine the inventory cost using (a) the first-in, first-out...
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