The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $44 Aug. 13 Purchase 9 units at $47 Nov. 30 Purchase 13 units at $48 Available for sale 40 units $1,839 There are 24 units of the wem 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method. $792 423 624 000
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $44 Aug. 13 Purchase 9 units at $47 Nov. 30 Purchase 13 units at $48 Available for sale 40 units $1,839 There are 24 units of the wem 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method. $792 423 624 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The units of an item available for sale during the year were as follows:
Jan. 1 Inventory
18 units at $44
$792
Aug. 13
Purchase
9 units at $47
423
Nov. 30
Purchase
13 units at $48
624
Available for sale
40 units
$1,839
There are 24 units of the wem 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) method
b. Last-in, first-out (LIFO) method
c. Weighted average cost method.
000
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