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 17 units at $33 $561 Aug. 13 Purchase 17 units at $35 595 Nov. 30 Purchase 6 units at $37 222 Available for sale 40 units $1,378 All Bo There are 12 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) 602 X b. Last-in, first-out (LIFO) $ 568 X C. Weighted average cost 584 X
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 17 units at $33 $561 Aug. 13 Purchase 17 units at $35 595 Nov. 30 Purchase 6 units at $37 222 Available for sale 40 units $1,378 All Bo There are 12 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) 602 X b. Last-in, first-out (LIFO) $ 568 X C. Weighted average cost 584 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
17 units at $33
$561
Aug. 13
Purchase
17 units at $35
595
Nov. 30
Purchase
6 units at $37
222
Available for sale
40 units
$1,378
All Bo
There are 12 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)
602 X
b. Last-in, first-out (LIFO)
$
568 X
C.
Weighted average cost
584 X
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