Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 20 units at $27 $540 Aug. 13 Purchase 8 units at $29 232 Nov. 30 Purchase 9 units at $30 270   Available for sale 37 units   $1,042 There are 22 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). Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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:

Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 20 units at $27 $540
Aug. 13 Purchase 8 units at $29 232
Nov. 30 Purchase 9 units at $30 270
  Available for sale 37 units   $1,042

There are 22 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).

Line Item Description Amount
a. First-in, first-out (FIFO) method $fill in the blank 1
b. Last-in, first-out (LIFO) method $fill in the blank 2
c. Weighted average cost method $fill in the blank 3
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