Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 40 units at $165 $6,600 Jan, 1 Aug. 13 Purchase 200 units at $180 36,000 Nov, 30 Purchase 60 units at $200 12,000 Available for sale 300 units $54,600 There are 75 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. a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 40 units at $165 $6,600 Jan, 1 Aug. 13 Purchase 200 units at $180 36,000 Nov, 30 Purchase 60 units at $200 12,000 Available for sale 300 units $54,600 There are 75 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. a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
Chapter1: Financial Statements And Business Decisions
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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
Aug. 13
Nov, 30
Inventory
40 units at $165
$6,600
Purchase
200 units at $180
36,000
Purchase
60 units at $200
12,000
Available for sale
300 units
$54,600
There are 75 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.
a. First-in, first-out (FIFO) method
b. Last-in, first-out (LIFO) method
c. Weighted average cost method
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