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please answer all 4 questions Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avallable for sale during the
please answer all 4 questions
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avallable for sale during the year were as follows: There are 5 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). Perpetual Inventory Using LFFO Beginning inventory, purchases, and sales for 1 tem 88HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan, 31 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Cost Flow Methods The following three identical units of Item PX2T are purchased during April: ($510+3 units) Assume that one unit is sold on April 27 for $209. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method Step by Step Solution
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