Question
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date
Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
| Date | Line Item Description | Units | Cost per Unit | Amount |
|---|---|---|---|---|
| Jan. 1 | Inventory | 20 units | at $33 | $660 |
| Aug. 13 | Purchase | 14 units | at $35 | 490 |
| Nov. 30 | Purchase | 12 units | at $36 | 432 |
| Available for sale | 46 units | $1,582 |
There are 28 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).
| Line Item Description | Amount |
|---|---|
| a. First-in, first-out (FIFO) method | $fill in the blank 1 |
| b. Last-in, first-out (LIFO) method | $fill in the blank 2 |
| c. Weighted average cost method | $fill in the blank 3 |
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Interpreting and Analyzing Financial Statements
Authors: Karen P. Schoenebeck, Mark P. Holtzman
6th edition
978-0132746243
