¢ iCloudx Q Accounti x Norfolk S x Q CIS Test : xb Answere xWeek 6 - XParaphra xBLOG 31 X +ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false☆ TpUpoPeriodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory7 units @ $42Feb. 17 Purchase9 units @ $44Jul, 21Purchase4 units @ $45Nov. 23Purchase18 units @ $46There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to thenearest whole dollar, if required.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.%24%24

solution ending inventory =7 units a inventory cost by FIFO =under FIFO the goods…

Answered: he units of an item available for sale…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan, 1 Inventory 16 units at $44 $704 Aug. 13 Purchase 6 units at $45 270 Nov. 30 Purchase 7 units at $46 322 Available for sale 29 units There are 17 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $126 Mar. 10 Purchase 40 units at $136 Aug. 30 Purchase 30 units at $140 Dec. 12 Purchase 80 units at $142 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted Average Cost
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Aug. 13 Purchase Nov. 30 Purchase Available for sale There are 22 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). 20 units at $29 7 units at $31 9 units at $32 36 units $580 217 288 $1,085 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted averi Chapter 7 homework assignment take frame
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