Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
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 11 units at $3,600 $39,600 Aug. 7 Purchase 16 units at $3,800 60,800 Dec. 11 Purchase 15 units at $3,900 42 units 58,500 $158,900 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost usin (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 Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: 11 units @ $40 Jan. 1 Inventory Feb. 17 Purchase 20 units @ $42 July 21 Purchase 12 units @ $44 Nov. 23 Purchase 13 units @ $46 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. 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. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required
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