Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 10 units at $3,600 16 units at $3,900 12 units at $4,000 38 units Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase $36,000 62,400 46,000 $146,400 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 (Fro) 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 neare whole dollar). UO A. First-in, first-out (rifo) b. Last-in, first-out (LIFO) 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: 10 units at $3,600 16 units at $3,900 12 units at $4,000 38 units Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase $36,000 62,400 46,000 $146,400 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 (Fro) 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 neare whole dollar). UO A. First-in, first-out (rifo) b. Last-in, first-out (LIFO) C Weighted average cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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:
$36,000
62,400
48,000
$146,400
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 (Firo)
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 neares
whole dollar).
Jan. 1
Aug. 7
Dec, 11
Inventory 10 units at $3,600
Purchase
16 units at $3,900
Purchase
12 units at $4,000
38 units
A. First-in, first out (riro))
b.
Last-in, first-out (LIFO)
Weighted average cost
G](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3e648c1-def3-46b5-84f6-7e78416be898%2F701046f5-0713-420c-80b1-f04e04ce5d80%2Fr236wc6_processed.jpeg&w=3840&q=75)
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:
$36,000
62,400
48,000
$146,400
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 (Firo)
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 neares
whole dollar).
Jan. 1
Aug. 7
Dec, 11
Inventory 10 units at $3,600
Purchase
16 units at $3,900
Purchase
12 units at $4,000
38 units
A. First-in, first out (riro))
b.
Last-in, first-out (LIFO)
Weighted average cost
G
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