hapter 7 Homework Assignment (part eBook Show Me How Calculator Printem Thiriodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 hventory 1,035 units $122 Feb. 17 Purchase 1,400 units 5124 Jul. 21 Purchase 1.555 units $125 Nov. 23 Purchase 1,150 units 5125 There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round at answer to rest whole value. a. Determine the inventory cost by the first in first-out method t. Determine the inventory cost by the last-in, first-out method Determine the inventory cost by the weighted average cost method GYN Previous Next Siger 12.59 Submaster eBook Show Me How Calculator Pri tem 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 $28 $140 Aug. 7 Purchase 17 units at $31 527 Dec. 11 Purchase 12 units at $32 384 34 units $1,051 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 (as the first in, first- out (FIFO) method; (b) the last-in, first-out (LFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your finalan ner to the nearest whole dollar), First-in, first-out (FIFO) b. Last-in, first-out (LIFO) X c Weighted average cost Chay Wor a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of merchandise sold and the ending merchandise inventory eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods; Cost of Merchandise Sold Jan. 1 Mar. 10 The units of an Item available for sale during the year were as follows: Inventory 50 units $112 Purchase 70 units $122 30 units $130 Dec. 12 Purchase 50 units $132 There are 60 units of the item in the physical inventory at December 31. The periodic inventary system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar, Aug. 30 Purchase Cost of Merchandise Inventory and cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost
