The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $46 $276 Aug. 7 Purchase 16 units at $49 784 Dec. 11 Purchase 12 units at $51 612 34 units $1,672 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2$ с. Weighted average cost %$4
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $46 $276 Aug. 7 Purchase 16 units at $49 784 Dec. 11 Purchase 12 units at $51 612 34 units $1,672 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2$ с. Weighted average cost %$4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
6 units at $46
$276
Aug. 7
Purchase
16 units at $49
784
Dec. 11
Purchase
12 units at $51
612
34 units
$1,672
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).
а.
First-in, first-out (FIFO)
$
b. Last-in, first-out (LIFO)
$
С.
Weighted average cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F90619bbb-fad4-4b43-925f-9d7d1738a01b%2F3cf0463b-e351-4598-a27a-fa254b837087%2F8jz8oe_processed.png&w=3840&q=75)
Transcribed Image Text: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
6 units at $46
$276
Aug. 7
Purchase
16 units at $49
784
Dec. 11
Purchase
12 units at $51
612
34 units
$1,672
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).
а.
First-in, first-out (FIFO)
$
b. Last-in, first-out (LIFO)
$
С.
Weighted average cost
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