r to the nearest whole dollar.) Trying to create my spreadsheet to have it all setup. Thank you. Jan 1 Inventory 16 units $49 $784 Jul 7 Purchase 15 units $52 $780 Nov 23 Purchase 19 units $54 $1026 50 total units $2590 (Total) A. FIFO___________

r to the nearest whole dollar.) Trying to create my spreadsheet to have it all setup. Thank you. Jan 1 Inventory 16 units $49 $784 Jul 7 Purchase 15 units $52 $780 Nov 23 Purchase 19 units $54 $1026 50 total units $2590 (Total) A. FIFO___________

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...

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Question

Period Inventory using FIFO & LIFO

There are 15 units of the item in the physical inventory at December 31. Determine the inventory cost uniting the First-in, first-out (FIFO) and the last-in first-out(LIFO) method. (Round per unit cost two decimal places and your final answer to the nearest whole dollar.) Trying to create my spreadsheet to have it all setup. Thank you.

Jan 1	Inventory	16 units	$49	$784
Jul 7	Purchase	15 units	$52	$780
Nov 23	Purchase	19 units	$54	$1026
		50 total units		$2590 (Total)

A. FIFO___________

B. LIFO __________

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