The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $31 $372 Purchase 18 units at $33 594 Purchase 15 units at $34 510 45 units $1,476 There are 16 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). Aug. 7 Dec. 11
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $31 $372 Purchase 18 units at $33 594 Purchase 15 units at $34 510 45 units $1,476 There are 16 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). Aug. 7 Dec. 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The units of an item available for sale during the year were as follows:
Jan. 1
Inventory 12
units at $31
$372
Aug. 7
Purchase 18
594
Dec. 11
Purchase. 15
510
45
units $1,476
There are 16 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).
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Weighted average cost
a.
b.
units at $33
units at $34
C.
S
S
S
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