The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 There are 13 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 There are 13 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
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:
Jan. 1
Inventory
16 units at $29
$464
Aug. 13
Purchase
18 units at $32
576
Nov. 30
Purchase
10 units at $33
330
Available for sale
44 units
$1,370
There are 13 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).
a. First-in, first-out (FIFO)
$
b. Last-in, first-out (LIFO)
С.
Weighted average cost
%24
%24
%24
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