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 10 units at $29 $290 Aug 7 Purchase 19 units at $31 589 Dec 11 Purchase 10 units at $32 320 39 units $1,199 There are 17 units of the item in the physical inventory at December 31 The periodic inventory system is used Determine the inventory cost using (a) the first in, first out (FIFO) method (b) the last in, first out (LIFO) method and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar) a First in, first out (FIFO)$ b Last in, first out (LIFO)$ c Weighted average cost$ Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows August 1 Inventory 62 units $21 9 Sale 48 units 13 Purchase 47 units $23 28 Sale 18 units Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31 a Cost of merchandise sold on August 28 $ b Inventory on August 31 $ Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta B1 are as follows July 1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase $per unit b Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26 $ c Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31 $ Lower of Cost or Market Method On the basis of the data shown below Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) IA17 67 $26 $31 TX24 137 13 10 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9 $

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

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	10	units at $29	$290
Aug. 7	Purchase	19	units at $31	589
Dec. 11	Purchase	10	units at $32	320
		39	units	$1,199

There are 17 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$

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

August 1	Inventory	62 units @ $21
9	Sale	48 units
13	Purchase	47 units @ $23
28	Sale	18 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.

a. Cost of merchandise sold on August 28	$
b. Inventory on August 31	$

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for Meta-B1 are as follows:

July 1	Inventory	100 units at $400
12	Sale	70 units
23	Purchase	120 units at $450
26	Sale	110 units

a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. $per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $

c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. $

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
IA17	67	$26	$31
TX24	137	13	10

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.