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: Date Line Item Description Units Cost per Unit Amount Jan. 1

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

DateLine Item DescriptionUnitsCost per UnitAmount
Jan. 1Inventory19 unitsat $34$646
Aug. 13Purchase5 unitsat $37185
Nov. 30Purchase6 unitsat $38228
Available for sale30 units$1,059

There are 18 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).

Step by Step Solution

3.41 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

To determine the inventory cost using different methods well first calculate the cost of the ending ... 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions