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 5 units at $37 $185 Inventory Purchase Aug. 13 10 units at $40 400 Nov. 30 Purchase 19 units at $42 798 Available for sale 34 units $1,383 There are 10 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) 1,753 X 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: Jan. 1 5 units at $37 $185 Inventory Purchase Aug. 13 10 units at $40 400 Nov. 30 Purchase 19 units at $42 798 Available for sale 34 units $1,383 There are 10 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) 1,753 X b. Last-in, first-out (LIFO) c. Weighted average cost

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:5 units at $37$185Jan. 1Aug. 13InventoryPurchase10 units at $40400Nov. 30Purchase19 units at $42798Availabl

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 10 units at $46 Aug. 13 8 units at $49 Nov. 30 4 units at $51 22 units Inventory Purchase Purchase Available for sale $1,056 There are 13 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $460 392 204 000
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 7 units at $49 $343 Aug. 7 Purchase 20 units at $52 1,040 Dec. 11 Purchase 15 units at $54 810 42 units $2,193 There are 16 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 (FIFO) 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 nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $360 $7,200 Aug. 13 Purchase 260 units at $342 88,920 Nov. 30 Purchase 40 units at $357 14,280 Available for sale 320 units $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3
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
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Inventory 10 units at $970 each Purchase 45 units at $960 each July 28 Purchase 30 units at $890 each November 1 Purchase 15 units at $920 each There are 35 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Cost 4 Ending Inventory January 1 June 9 Inventory Method a. First-in, first-out- b. Last-in, first-out c. Weighted average Feedback X 32,690 ✔ Cost Cost of Goods Sold
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $108 Mar. 10 Purchase 70 units at $116 Aug. 30 Purchase 30 units at $122 Dec. 12 Purchase 60 units at $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 8 units at $24 Feb. 17 Purchase 11 units at $25 Jul. 21 Purchase 10 units at $26 Nov. 23 Purchase 19 units at $26 There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.fill in the blank 1 of 3$ b. Determine the inventory cost by the last-in, first-out method.fill in the blank 2 of 3$ c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.fill in the blank 3 of 3$
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 5 units at $31 $155 Aug. 13 Purchase 12 units at $34 408 Nov. 30 Purchase 11 units at $35 385 Available for sale 28 units $948 There are 17 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 7 units at $3,000 Jan. 1 Aug. 7 16 units at $3,200 Dec. 11 15 units at $3,400 Inventory Purchase Purchase 38 units $21,000 51,200 51,000 $123,200 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 (FIFO) 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 nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $90 Mar. 10 Purchase 60 units @ $100 Aug. 30 Purchase 20 units @ $108 Dec. 12 Purchase 70 units @ $110 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
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 15 units at $4,100 $61,500 Aug. 7 Purchase 20 units at $4,300 86,000 Dec. 11 Purchase 11 units at $4,400 48,400 46 units $195,900 There are 17 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 (FIFO) 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 nearest whole dollar).
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 9 units at $48 $432 Aug. 13 Purchase 8 units at $50 400 Nov. 30 Purchase 11 units at $52 572 Available for sale 28 units $1,404 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) 2$ b. Last-in, first-out (LIFO) c. Weighted average cost