Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory14 units at $38Aug. 13Purchase10 units at $40Nov. 30Purchase11 units at $4235 unitsAvailable for saleC.$1,394There are 21 units of the item in the physical inventory at December 31. The periodicinventory 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 costmethod (round per-unit cost to two decimal places and your final answer to the nearestwhole dollar).a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)Weighted average costCheck My WorkAll work saved$$532$400462PreviousNext FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory23 units at $4816 units at $7037 units at $5124 units at $7029 units at $5221 units at $71SaleFirst purchaseSaleSecond purchaseSaleThe firm uses the perpetual inventory system, and there are 28 units of the item onhand at the end of the year.a. What is the total cost of the ending inventory according to FIFO?b. What is the total cost of the ending inventory according to LIFO?Check My WorkhilPreviousNext

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. 1Inventory14 units at $38Aug. 13Purchase10 units at $40Nov. 30Purchase11 units at $4235 unitsAvailable

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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 14 units at $38 Aug. 13 10 units at $40 Nov. 30 11 units at $42 35 units Inventory Purchase Purchase Available for sale a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost $532 400 $ 462 There are 21 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). $1,394

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 14 units at $38 Aug. 13 10 units at $40 Nov. 30 11 units at $42 35 units Inventory Purchase Purchase Available for sale a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost $532 400 $ 462 There are 21 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). $1,394

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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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $11 13 Sale 180 units 22 Purchase 330 units at $14 29 Sale 400 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal plates.
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