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 Aug. 13 Purchase Nov. 30 Purchase Available for sale 40 units at $165 200 units at $180 60 units at $200 300 units $6,600 36,000 12,000 $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 000 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: Jan. 1 Inventory Aug. 13 Purchase Nov. 30 Purchase Available for sale 40 units at $165 200 units at $180 60 units at $200 300 units $6,600 36,000 12,000 $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 000 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Inventory
Aug. 13
Purchase
Nov. 30 Purchase
Available for sale
40 units at $165
200 units at $180
60 units at $200
300 units
$6,600
36,000
12,000
$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
000
X
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