he units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 15 units at $34 $510 12 units at $35 420 8 units at $37 Available for sale 35 units Aug. 13 Nov. 30 Inventory Purchase Purchase 296 $1,226 There are 21 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). Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3
he units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 15 units at $34 $510 12 units at $35 420 8 units at $37 Available for sale 35 units Aug. 13 Nov. 30 Inventory Purchase Purchase 296 $1,226 There are 21 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). Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:he units of an item available for sale during the year were as
follows:
Date Line Item Description Units Cost per Unit Amount
Jan. 1
15 units
at $34
$510
12 units
at $35
420
8 units
at $37
Available for sale 35 units
Aug. 13
Nov. 30
Inventory
Purchase
Purchase
296
$1,226
There are 21 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).
Line Item Description
Amount
a. First-in, first-out (FIFO) method $fill in the blank 1
b. Last-in, first-out (LIFO) method $fill in the blank 2
c. Weighted average cost method $fill in the blank 3
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for number of sales unit
VIEWStep 3: Working for ending inventory using FIFO Method
VIEWStep 4: Working for ending inventory using LIFO Method
VIEWStep 5: Working for ending inventory using Weighted Average
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