Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory15 units at $38Feb. 17Purchase9 units at $39Jul. 21Purchase9 units at $42Nov. 23 Purchase16 units at $43There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals andfinal answers to the nearest whole dollar, if required.a. Determine the inventory cost by the first-in, first-out method.352 Xb. Determine the inventory cost by the last-in, first-out method.304 Xc. Determine the inventory cost by the weighted average cost method.$356 XFeedback

The objective of the question is to calculate the cost of inventory at the end of the year using…

Answered: Periodic Inventory by Three Methods The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 $124 Mar. 10 Purchase 50 units at $132 Aug. 30 Purchase 30 units at $136 Dec. 12 Purchase 70 units at $140 There are 80 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) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
4. Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 5 units at $42 Feb. 17 Purchase 19 units at $43 Jul. 21 Purchase 20 units at $45 Nov. 23 Purchase 8 units at $45 There are 5 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 the nearest 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. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
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 10 units at $46 Aug. 13 8 units at $49 Nov. 30 4 units at $51 22 units Inventory Purchase Purchase Available for sale $1,056 There are 13 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 $460 392 204 000
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 40 units @ $96 Mar. 10 Purchase 70 units @ $106 Aug. 30 Purchase 30 units @ $110 Dec. 12 Purchase 60 units @ $114 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
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 13 units at $39 $507 Aug. 13 Purchase 15 units at $41 615 Nov. 30 Purchase 10 units at $43 430 Available for sale 38 units $1,552 There are 23 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) b. Last-in, first-out (LIFO) С. Weighted average cost %24 %24 %24
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Inventory 10 units at $970 each Purchase 45 units at $960 each July 28 Purchase 30 units at $890 each November 1 Purchase 15 units at $920 each There are 35 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Cost 4 Ending Inventory January 1 June 9 Inventory Method a. First-in, first-out- b. Last-in, first-out c. Weighted average Feedback X 32,690 ✔ Cost Cost of Goods Sold
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 40 units at $108 Mar. 10 Purchase 70 units at $116 Aug. 30 Purchase 30 units at $122 Dec. 12 Purchase 60 units at $128 There are 80 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
The following units of an inventory item were available for sale during the year: Beginning inventory 9 units at $52 First purchase 19 units at $54 Second purchase 26 units at $55 Third purchase 13 units at $57 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) a. $1,170 b. $1,144 Oc. $2,462 Od. $1,236
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 8 units at $24 Feb. 17 Purchase 11 units at $25 Jul. 21 Purchase 10 units at $26 Nov. 23 Purchase 19 units at $26 There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.fill in the blank 1 of 3$ b. Determine the inventory cost by the last-in, first-out method.fill in the blank 2 of 3$ c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.fill in the blank 3 of 3$
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114
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 5 units at $31 $155 Aug. 13 Purchase 12 units at $34 408 Nov. 30 Purchase 11 units at $35 385 Available for sale 28 units $948 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 5 units at $37 $185 Jan. 1 Aug. 13 Inventory Purchase 10 units at $40 400 Nov. 30 Purchase 19 units at $42 798 Available for sale 34 units $1,383 There are 10 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). $ 1,753 X a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 69 6A

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS