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 $30 $570 Aug. 13 Purchase 7 units at $32 224 Nov. 30 Purchase 14 units at $33 462 Available for sale 40 units $1,256 There are 24 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) 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 Inventory 19 units at $30 $570 Aug. 13 Purchase 7 units at $32 224 Nov. 30 Purchase 14 units at $33 462 Available for sale 40 units $1,256 There are 24 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) b. Last-in, first-out (LIFO) C. Weighted average cost
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
19 units at $30
$570
Aug. 13
Purchase
7 units at $32
224
Nov. 30
Purchase
14 units at $33
462
Available for sale
40 units
$1,256
There are 24 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).
First-in, first-out (FIFO)
а.
b.
Last-in, first-out (LIFO)
Weighted average cost
$
C.
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