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 13 units at $39 $507 Aug. 13 Purchase 15 units at $41 615 Nov. 30 Purchase 10 units at $43 430 Available for sale 38 units $1,552 There are 23 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) %$4 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: Jan. 1 Inventory 13 units at $39 $507 Aug. 13 Purchase 15 units at $41 615 Nov. 30 Purchase 10 units at $43 430 Available for sale 38 units $1,552 There are 23 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) %$4 C. Weighted average cost
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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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
Inventory
13 units at $39
$507
Aug. 13
Purchase
15 units at $41
615
Nov. 30
Purchase
10 units at $43
430
Available for sale
38 units
$1,552
There are 23 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)
С.
Weighted average cost
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8dbb38b-67db-4869-a2fb-b3f37c286b0c%2F80c0cf48-10d8-42d8-aec8-005ffbedea0b%2Fno1da5u_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:
Jan. 1
Inventory
13 units at $39
$507
Aug. 13
Purchase
15 units at $41
615
Nov. 30
Purchase
10 units at $43
430
Available for sale
38 units
$1,552
There are 23 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)
С.
Weighted average cost
%24
%24
%24
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