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 12 units at $4,100 $49,200 Aug. 7 Purchase 15 units at $4,300 64,500 Dec. 11 Purchase 15 units at $4,500 67,500   42 units $181,200 There are 19 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).

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Under the periodic inventory system, the Physical count of Inventory is taken at regular time…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,060…

A: a. FIFO: Cost of ending inventory=1,125×$127+1,200-1,125×$126=$142,875+$9,450=$152,325

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: The objective of the question is to calculate the cost of inventory at the end of the year using…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO method is the inventory valuation method which states the inventory purchased first are sold…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The objective of the question is to calculate the cost of inventory at the end of the year using…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Total units available for sale = 50 + 50 + 30 + 70 = 200 units Total units sold = Total units…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculate the cost of goods available.

Q: inventory cost by the first-in, first-out method.

A: Computation of inventory cost by various methods are shown below :

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A:

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: It is given that periodic inventory system is applied for calculating the inventory and it is also…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Lets understand the basics.Inventory: It refers to the items held by an organization which were in…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: a) 637b) 598c) 620Explanation:a) Under FIFO, the ending inventory consists of the most recently…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The inventory can be valued usi g various methods as: LIFO FIFO Average method

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Workings: Calculation of Goods available for sale: On January 01 purchased Inventory 40 units @ $ 96

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The various methods for inventory valuation are FIFO, LIFO and average method. The FIFO method means…

Q: Pertodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avaleble…

A: The inventory of a business can be valued using various methods, few of them are: First In First…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: LIFO method - Last in first out. It assumes that last inventory are sold first  FIFO - First on…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Solution-                                                                                FIFO METHOD…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Periodic Inventory by Three Methods The units of an tem available for sale during the year were as…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: 1) If the entity uses First in first out, then units at the opening will be used & units…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a. Determination of inventory cost by the First in First out method (FIFO) Under FIFO method…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Determine the ending inventory cost and the cost of goods sold by three methods. In your…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

Q: a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: The first in first out method is means when a company issue the inventory which is purchased first.…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

Q: The units of an item available for sale during the year were as follows: 6 units at $31 16 units at…

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO stands for First in First Out LIFO stands for LIFO in First Out

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.