Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $38 Feb. 17 Purchase 9 units at $39 Jul. 21 Purchase 9 units at $42 Nov. 23 Purchase 16 units at $43 There 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 and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. 352 X b. Determine the inventory cost by the last-in, first-out method. 304 X c. Determine the inventory cost by the weighted average cost method. $ 356 X Feedback
Q: Provide step explanation
A: The analysis you've provided for the inventory cost under FIFO, LIFO, and Weighted Average Cost…
Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…
A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…
Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold Livr The units of an item available…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…
A: The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: Every business keeps inventory in its business for sale. Companies should keep records of all…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…
A: units cost per unit Total Jan.1 180 108 $ 19,440 Mar.10 224 110…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,060…
A: a. FIFO: Cost of ending inventory=1,125×$127+1,200-1,125×$126=$142,875+$9,450=$152,325
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: FIFO method is the inventory valuation method which states the inventory purchased first are sold…
Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…
A: Total units available for sale = 50 + 50 + 30 + 70 = 200 units Total units sold = Total units…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: Calculate the cost of goods available.
Q: inventory cost by the first-in, first-out method.
A: Computation of inventory cost by various methods are shown below :
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…
Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…
A:
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…
Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…
Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…
A: FIFO is first in first out inventory method under which inventories which are purchased first will…
Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…
A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: The details regarding the Inventories are given. Required Calculate the cost of Inventory as in…
Q: Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold…
A: First, we have to calculate the total cost of inventory. Cost of Inventory = Inventory * Price per…
Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…
A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…
Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…
A: FIFO: Inventory at end = 20(20×120)+(60×128) = $11,020…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: a) 208b) 192c) 204Explanation:a) To find the cost of the ending inventory, we start from the last…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The ending…
Q: Some of Cullumber Lake Limited's investment securities are classified as trading securities and some…
A: Trading securities are those securities that the entity holds to grab short-term profit. It means…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: LIFO method - Last in first out. It assumes that last inventory are sold first FIFO - First on…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Solution- FIFO METHOD…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A:
Q: Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory…
A: Answer 1. Cost flow statement under FIFO method FIFO Cost of goods available for sale Cost…
Q: Periodic Inventory by Three Methods The units of an tem available for sale during the year were as…
A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…
Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…
A: 1) If the entity uses First in first out, then units at the opening will be used & units…
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Determine the ending inventory cost and the cost of goods sold by three methods. In your…
A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…
Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…
A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Periodic inventory system:The method or system of recording the transactions related to inventory…
Q: a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…
A: The first in first out method is means when a company issue the inventory which is purchased first.…
Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…
A: FIFO method - as per the FIFO method of inventory valuation units purchased first will be sold…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…
Q: The units of an item available for sale during the year were as follows: 6 units at $31 16 units at…
A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…
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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 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300 45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).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 CostPeriodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…
- 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 costInventory 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 framePeriodic 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 15 units at $5,000 $75,000 Aug. 7 Purchase 16 units at $5,100 81,600 Dec. 11 Purchase 11 units at $5,300 58,300 42 units $214,900 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 (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) С. Weighted average cost
- Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 per unit Feb. 19 Purchase 55 units at $460 per unit June 8 Purchase 62 units at $540 per unit Oct. 7 Purchase 57 units at $550 per unit There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a. Determine the inventory cost by the first-in, first-out method.$ b. Determine the inventory cost by the last-in, first-out method.$ c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.$Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb. 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are 1,205 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. Do not round intermediate calculation and round final answer to the nearest whole dollar. 11:52 PM 5/20/2021 DI %24 %24 %24Periodic 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 $96 Mar. 10 Purchase 60 units at $106 Aug. 30 Purchase 30 units at $110 Dec. 12 Purchase 70 units at $114 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost
- Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,080 units @ $120 Feb. 17 Purchase 1,380 units @ $122 Jul. 21 Purchase 1,525 units @ $125 Nov. 23 Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 each June 9 Purchase 29 units at $1,950 each July 28 Purchase 12 units at $2,040 each 17 units at $2,100 each Nov. 1 Purchase There are 18 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: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method 37,680 X b. Last-in, first-out method 32,400 122,130 c. Weighted average 35,209Periodic 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 $102 Mar. 10 Purchase 50 units at $110 Aug. 30 Purchase 10 units at $116 Dec. 12 Purchase 100 units at $118 There are 60 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