Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1Inventory8units at

Periodic Inventory UsingFIFO,LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1Inventory8units at $44$352Aug. 7Purchase16units at $45720Dec. 11Purchase11units at $4751735units$1,589

There are 20 units of the item in thephysical inventoryat 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$

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

Advanced Accounting

Authors: Debra JeterJames Reeve, Jonathan Duchac, Horace Brock, Paul Chaney

4th Edition

0470506989, 978-0470506981

More Books

Students also viewed these Accounting questions

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago