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 15 units at $47 $705 Aug. 7 Purchase 20 units at $48 960 Dec. 11 Purchase 10 units at $49 490 45 units $2,155 There are 17 units of the item in the physical inventory on 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).
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 15 units at $47 $705 Aug. 7 Purchase 20 units at $48 960 Dec. 11 Purchase 10 units at $49 490 45 units $2,155 There are 17 units of the item in the physical inventory on 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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | 15 | units at $47 | $705 |
Aug. 7 | Purchase | 20 | units at $48 | 960 |
Dec. 11 | Purchase | 10 | units at $49 | 490 |
45 | units | $2,155 |
There are 17 units of the item in the physical inventory on 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).
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