Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $48 $672 Aug. 13 Purchase

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

Jan. 1 Inventory 14 units at $48 $672
Aug. 13 Purchase 18 units at $50 900
Nov. 30 Purchase 20 units at $51 1,020
Available for sale 52 units $2,592

There are 26 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).

a. First-in, first-out (FIFO) $fill in the blank 1
b. Last-in, first-out (LIFO) $fill in the blank 2
c. Weighted average cost $fill in the blank 3

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

Step: 3

blur-text-image

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

Managerial Accounting

Authors: Brenda Mallouk

2nd Edition

017640709X, 978-0176407094

More Books

Students also viewed these Accounting questions