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 $28 Jan, 11 Aug. 13 9 units at $29 Nov. 30 16 units at $30 Available for sale 32 units 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) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase $196 261 480 $937
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 $28 Jan, 11 Aug. 13 9 units at $29 Nov. 30 16 units at $30 Available for sale 32 units 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) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase $196 261 480 $937
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
Aug. 13
Nov. 30
Inventory
Purchase
Purchase
a. First-in, first-out (FIFO))
D.
Last-in, first-out (LIFO)
C. Weighted average cost
7 units at $28
9 units at $29
16 units at $30
32 units
Feedback
$196
261
Available for sale
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).
480
$937
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