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: 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 | 15 units | at $24 | $360 |
Aug. 13 | Purchase | 5 units | at $27 | 135 |
Nov. 30 | Purchase | 12 units | at $28 | 336 |
Available for sale | 32 units | $831 |
There are 19 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 |
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