¢ 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
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