The units of an item available for sale during the year were as follows: January 10 Inventory 27 units @ $90 February 27 Purchase 54 units @ $98 July 11 Purchase 63 units @ $106 November 13 Purchase 36 units @ $115 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
The units of an item available for sale during the year were as follows: January 10 Inventory 27 units @ $90 February 27 Purchase 54 units @ $98 July 11 Purchase 63 units @ $106 November 13 Purchase 36 units @ $115 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The units of an item available for sale during the year were as follows:
January 10 Inventory 27 units @ $90
February 27 Purchase 54 units @ $98
July 11 Purchase 63 units @ $106
November 13 Purchase 36 units @ $115
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
January 10 Inventory 27 units @ $90
February 27 Purchase 54 units @ $98
July 11 Purchase 63 units @ $106
November 13 Purchase 36 units @ $115
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
A. FIFO 585
B. LIFO 450
C. 36.10/UNIT ; 541.50
B. LIFO 450
C. 36.10/UNIT ; 541.50
The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 Inventory 16 units @ $30
$ 480
June 16 Purchase 30 units @ $35
1,050
Nov. 28 Purchase 45 units @ $39
1,755
91 units
$3,285
There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the inventory cost by the (a) FIFO, (b) LIFO, and (c) average cost methods.
Mar. 1 Inventory 16 units @ $30
$ 480
June 16 Purchase 30 units @ $35
1,050
Nov. 28 Purchase 45 units @ $39
1,755
91 units
$3,285
There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the inventory cost by the (a) FIFO, (b) LIFO, and (c) average cost methods.
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