A b and c please **Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods**The units of an item available for sale during the year are as follows:- **Jan. 1: Inventory** 19 units at $39 Total: $741- **Aug. 13: Purchase** 16 units at $40 Total: $640- **Nov. 30: Purchase** 5 units at $41 Total: $205- **Total Available for Sale:** 40 units Total: $1,586There are 24 units of the item in the physical inventory as of December 31. The periodic inventory system is used. You are tasked with determining the inventory cost using:1. First-in, first-out (FIFO) method2. Last-in, first-out (LIFO) method3. Weighted average cost method*Note:* Round the per-unit cost to two decimal places and your final answer to the nearest whole dollar.**a. First-in, first-out (FIFO) method** Enter your calculation.**b. Last-in, first-out (LIFO) method** Enter your calculation.**c. Weighted average cost method** Enter your calculation.**Feedback:**- **a.** When the FIFO method is used, costs are included in the cost of goods sold in the order in which they were purchased.- **b.** When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases.- **c.** The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining the cost of goods sold and the ending inventory. Buttons:- Check My Work- Save and Exit- Submit Assignment for GradingAll work saved.

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Description: A b and c please **Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods**The units of an item available for sale during the year are as follows:- **Jan. 1: Inventory** 19 units at $39 Total: $741- **Aug. 13: Purchase** 16 u

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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: 19 units at $39 16 units at $40 5 units at $41 Available for sale 40 units $1,586 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the 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 you to the nearest whole dollar). Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $741 640 205 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: 19 units at $39 16 units at $40 5 units at $41 Available for sale 40 units $1,586 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the 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 you to the nearest whole dollar). Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $741 640 205 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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A b and c please

**Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods**

The units of an item available for sale during the year are as follows:

- **Jan. 1: Inventory**
19 units at $39
Total: $741

- **Aug. 13: Purchase**
16 units at $40
Total: $640

- **Nov. 30: Purchase**
5 units at $41
Total: $205

- **Total Available for Sale:**
40 units
Total: $1,586

There are 24 units of the item in the physical inventory as of December 31. The periodic inventory system is used. You are tasked with determining the inventory cost using:

1. First-in, first-out (FIFO) method
2. Last-in, first-out (LIFO) method
3. Weighted average cost method

*Note:* Round the per-unit cost to two decimal places and your final answer to the nearest whole dollar.

**a. First-in, first-out (FIFO) method**
Enter your calculation.

**b. Last-in, first-out (LIFO) method**
Enter your calculation.

**c. Weighted average cost method**
Enter your calculation.

**Feedback:**

- **a.** When the FIFO method is used, costs are included in the cost of goods sold in the order in which they were purchased.
- **b.** When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases.
- **c.** The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining the cost of goods sold and the ending inventory.

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