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: 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 | 6 | units at $26 | $156 |
| Aug. 7 | Purchase | 6 | units at $29 | 174 |
| Dec. 11 | Purchase | 15 | units at $30 | 450 |
| 27 | units | $780 | ||
There are 13 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 | $ |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
