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 10 units at $44 $440 Aug. 7 Purchase 15 units at $45 675 Dec. 11 Purchase 13 units at $46 598   38 units $1,713 There are 20 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).

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Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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Q: The following units of an inventory item were available for sale during the year: Beginning…

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Q: *I just need assistance with the weighted average cost please :) Periodic Inventory Using FIFO,…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: The objective of the question is to determine the inventory on March 31 and the cost of goods sold…

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A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

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A: The weighted average technique is one way to value inventory, and it assumes that the output or…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

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Q: You have the following information for Bonita Industries for the month ended October 31, 2022.…

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Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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Q: Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

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A: Weighted average method means where the cost of inventory is valued at average price using quantity…

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A: Correct answer is – b.$137  Compute total units and total units sold for the period as shown below:

Q: Net realizable val = purchases entory - Decembe

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Q: here are 17 units of the product in the physical inventory at November 30. The periodic inventory…

A:

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A: Step 1: Compute the ending inventory (in units) as follows:

Q: You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble…

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Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at…

A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

Q: Using the weighted average method, complete the steps below to calculate the ending inventory units,…

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Q: the following information for Coronado Industries for the month ended October 31, 2022. Coronado…

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Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Use the weighted-average inventory method to calculate the cost of the ending inventory for the…

A: Ending inventory is the amount of inventory that an entity have, at the end of the period. It is…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.