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).
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).
Chapter1: Financial Statements And Business Decisions
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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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09ff3b23-893d-4bf2-9e02-f47fb760e8a4%2F9cd4f66b-965a-469b-ae49-6a36c6e43d89%2Fgfha9j_processed.png&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
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
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