I attempted using the FIFO method however when I start the equation it begins with a negative number so I cant seem to get the right answers. Even with the LIFO method, my answer comes out wrong. And with the weighted average method I divided the final units of 30 by the total cost of 1,157 and got 38.56 and it still says its wrong. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory19 units at $38$722Aug. 13Purchase5 units at $39195Purchase6 units at $40Nov. 30240Available for sale30 units$1,157There are 9 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 decimalplaces and your final answer to the nearest whole dollar).a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)C.Weighted average cost%24

calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…

Answered: Periodic Inventory Using FIFO, LIFO,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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I attempted using the FIFO method however when I start the equation it begins with a negative number so I cant seem to get the right answers. Even with the LIFO method, my answer comes out wrong. And with the weighted average method I divided the final units of 30 by the total cost of 1,157 and got 38.56 and it still says its wrong.

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
19 units at $38
$722
Aug. 13
Purchase
5 units at $39
195
Purchase
6 units at $40
Nov. 30
240
Available for sale
30 units
$1,157
There are 9 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).
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
C.
Weighted average cost
%24

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