Question
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:
Date | Line Item Description | Units | Cost per Unit | Amount |
---|---|---|---|---|
Jan. 1 | Inventory | 19 units | at $34 | $646 |
Aug. 13 | Purchase | 5 units | at $37 | 185 |
Nov. 30 | Purchase | 6 units | at $38 | 228 |
Available for sale | 30 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).
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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