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 14 units at $2,600 $36,400 Aug. 7 Purchase 20 units at $2,900 58,000 Dec. 11 Purchase 10 units at $3,100 31,000 44 units $125,400 There are 18 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 Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $2,600 $36,400 Aug. 7 Purchase 20 units at $2,900 58,000 Dec. 11 Purchase 10 units at $3,100 31,000 44 units $125,400 There are 18 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
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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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 14 units at $2,600 $36,400 Aug. 7 Purchase 20 units at $2,900 58,000 Dec. 11 Purchase 10 units at $3,100 31,000 44 units $125,400 There are 18 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
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