%24 %24 %24 Show Me How E Calculator Print Item eBook Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,300 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. 2$4 %24 Feedback Check My Work a. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assume inventory costs for the period are calculated by taking the number of items remaining in the physical inventory time number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inven most recent purchase cost. The cost of goods sold for the period can be calculated by subtracting the ending invento sale. b. Note that this exercise uses the periodic inventory system. LIFO means the last units purchased are assumed to b inventory for the period is made up of the earliest costs from the period (the beginning inventory). If the number of u the units in the beginning inventory, the excess units will be recorded at the next oldest cost associated with the first Check My Work All work saved. Email Instructor 000 000 F4 F3 DD
%24 %24 %24 Show Me How E Calculator Print Item eBook Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,300 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. 2$4 %24 Feedback Check My Work a. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assume inventory costs for the period are calculated by taking the number of items remaining in the physical inventory time number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inven most recent purchase cost. The cost of goods sold for the period can be calculated by subtracting the ending invento sale. b. Note that this exercise uses the periodic inventory system. LIFO means the last units purchased are assumed to b inventory for the period is made up of the earliest costs from the period (the beginning inventory). If the number of u the units in the beginning inventory, the excess units will be recorded at the next oldest cost associated with the first Check My Work All work saved. Email Instructor 000 000 F4 F3 DD
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:%24
%24
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Show Me How
E Calculator
Print Item
eBook
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
2,500 units at $5
Feb. 17
Purchase
3,300 units at $6
July 21
Purchase
3,000 units at $7
Nov. 23
Purchase
1,200 units at $8
There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used.
a. Determine the inventory cost by the first-in, first-out method.
b. Determine the inventory cost by the last-in, first-out method.
c. Determine the inventory cost by the weighted average cost method.
2$4
%24
Feedback
Check My Work
a. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assume
inventory costs for the period are calculated by taking the number of items remaining in the physical inventory time
number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inven
most recent purchase cost. The cost of goods sold for the period can be calculated by subtracting the ending invento
sale.
b. Note that this exercise uses the periodic inventory system. LIFO means the last units purchased are assumed to b
inventory for the period is made up of the earliest costs from the period (the beginning inventory). If the number of u
the units in the beginning inventory, the excess units will be recorded at the next oldest cost associated with the first
Check My Work
All work saved.
Email Instructor
000
000
F4
F3
DD
Expert Solution
Working:
|
Particulars |
Units |
Price per unit |
Total value |
|
Jan. Inventory |
2,500 |
$5 |
12,500.00 |
|
Feb. 17 Purchases |
3,300 |
$6 |
19,800.00 |
|
July 21, Purchases |
3,000 |
$7 |
21,000.00 |
|
Nov. 23 Purchases |
1,200 |
$8 |
9,600.00 |
|
Total |
10,000 |
|
$62,900.00 |
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