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There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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.

There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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. Jan. 1 Aug. 13 Nov. 30 Available for sale 108,000 12 units at $5,400 $ 64,800 18 units at $6,000 15 units at $6,480 45 units 97,200 $270,000 PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ.4 The units of an item available for sale during the year were as follows: Inventory Purchase Purchase 20 units at $360 260 units at $342 40 units at $357 320 units $ 7,200 88,920 14,280 $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic in- ventory 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.
Transcribed Image Text:PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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. Jan. 1 Aug. 13 Nov. 30 Available for sale 108,000 12 units at $5,400 $ 64,800 18 units at $6,000 15 units at $6,480 45 units 97,200 $270,000 PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ.4 The units of an item available for sale during the year were as follows: Inventory Purchase Purchase 20 units at $360 260 units at $342 40 units at $357 320 units $ 7,200 88,920 14,280 $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic in- ventory 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.
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