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 12 units at $2,600 $31,200 Aug. 7 Purchase 16 units at $2,900 46,400 Dec. 11 Purchase 13 units at $3,000 39,000 41 units $116,600 There are 20 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). a. First-in, first-out (FIFO) 31,200 X b. Last-in, first-out (LIFO) 33,800 X C. 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 12 units at $2,600 $31,200 Aug. 7 Purchase 16 units at $2,900 46,400 Dec. 11 Purchase 13 units at $3,000 39,000 41 units $116,600 There are 20 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). a. First-in, first-out (FIFO) 31,200 X b. Last-in, first-out (LIFO) 33,800 X C. Weighted average cost

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method
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Description: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory12 units at $2,600$31,200Aug. 7Purchase16 units at $2,90046,400Dec. 11Purchase13 units at $3

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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