Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help figuring this out! Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during
I need help figuring this out!
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 | 17 | units at $24 | $408 |
Aug. 13 | Purchase | 6 | units at $25 | 150 |
Nov. 30 | Purchase | 12 | units at $27 | 324 |
Available for sale | 35 | units | $882 |
There are 21 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) | $fill in the blank 1 |
b. | Last-in, first-out (LIFO) | $fill in the blank 2 |
c. | Weighted average cost | $fill in the blank 3 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started