Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Periodic inventory using FIFO Lipo and weighted average cost methods. the units of an item available for sale during the year as follows: January 1

Periodic inventory using FIFO Lipo and weighted average cost methods. the units of an item available for sale during the year as follows:
January 1 inventory 19 units at $32 $608
August. 13 purchase 20 units at $33=660
November. 30 purchase 18 units at $35=630
available for sale 57 units =$1898 There are 34 units of the item in the physical inventory 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 in your final answer to the nearest whole dollar)
a. first-in, first-out (FIFO)
b.last in ,first out (LIFO) fill in the blank.
c. weighted average cost? $fill in the blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Design Of Cost Management Systems

Authors: Robin Cooper, Robert S. Kaplan

2nd Edition

0135704170, 978-0135704172

More Books

Students also viewed these Accounting questions