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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $33 $264 Aug. 13 Purchase 17 units at $36 612 Nov. 30 Purchase 10 units at $38 380 Available for sale 35 units $1,256 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 (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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 S Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $38 Feb. 17 Purchase 14 units at $40 Jul. 21 Purchase 16 units at $42 Nov. 23 Purchase 17 units at $44 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $182 April 15 Purchase 1 186 April 20 Purchase 1 190 Total 3 $558 Average cost per unit $186 ($558 + 3 units) Assume that one unit is sold on April 27 for $227. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ Periodic inventory by three methods; cost of goods sold Mar. 10 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $116 Purchase 60 units at $128 Aug. 30 Purchase 30 units at $134 Dec. 12 Purchase 70 units at $138 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, Sellers Company incorrectly counted its inventory as $478,425 instead of the correct amount of $516,700. Indicate the effect of the misstatement on Sellers's December 31, 2043, balance sheet or income statement for the year ended December 31, 20Y3. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net income noen Stockholders' equity Total assets On the basis of the following data: Inventory Cost per Product Quantity Unit Model A 25 $89 Model B 46 106 Model C 16 254 Market Value per Unit (Net Realizable Value) $77 82 247 14 208 199 Model D Model E 39 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. 111 123 Inventory at the Lower of Cost or Market Product Total Cost Total Market Lower of Total Cost or Total Market A $ B C D E Total Comparing Inventory Methods Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each dropdown that follows, select the correct sign [less than (), or equal (=)] for each comparison, assuming periods of rising prices. 1. FIFO inventory LIFO inventory 2. FIFO cost of goods sold LIFO cost of goods sold 3. FIFO net income LIFO net income 4. FIFO income taxes LIFO income taxes b. Why would management prefer to use LIFO over FIFO in periods of rising prices? 1. Income shown on the company's tax return would be lower if LIFO rather than FIFO is used. 2. Income shown on the company's tax return would be higher if LIFO rather than FIFO is used. 3. Cost of goods sold shown on the company's income statement would be lower if LIFO rather than FIFO is used. 4. Dividends shown on the company's financial statements would be higher if LIFO rather than FIFO is used. Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9. Market Value per Unit Cost per Unit (Net Realizable Value) Item Inventory Quantity JFW1 58 $56 $52 SAW9 115 29 31