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).

Q: Prepare the journal entry to record the acquisition of the equipment.

A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…

Q: Provide step explanation

A: The analysis you've provided for the inventory cost under FIFO, LIFO, and Weighted Average Cost…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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

A: FIFO (First-In, First-Out): It's a method of inventory management where the first items purchased…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First in first out means the units first bought is first sold and for the valuation of ending…

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

A:

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

Q: < 1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period,…

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

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory is one of the important current asset being used in business. Its calculation and…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Total units available for sale = 50 + 50 + 30 + 70 = 200 units Total units sold = Total units…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculate the cost of goods available.

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

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

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

A: Different inventory valuation methods are used to assign a value to the inventory, and the choice of…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

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

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The objective of the question is to calculate the inventory cost using three different methods:…

Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

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

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Date Particulars No. of Units Price per unit Total value Jan. 1 Inventory 40  $122 $4,880 Mar.…

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

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The details regarding the Inventories are given. Required  Calculate the cost of Inventory as in…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: There are three methods of inventory valuation 1) first in first out method 2)last in last out…

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

A: Inventory valuation refers to the process of computing the monetary value of ending inventory along…

Q: Choose one example of an asset, and referring to the characteristics of assets, explain why your…

A: Assets are property of the company which provides economic benefits to the company. A liability…

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

A: The first in first out method is an inventory valuation method stating that the first purchases are…

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

A:

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The various methods for inventory valuation are FIFO, LIFO and average method. The FIFO method means…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a) 208b) 192c) 204Explanation:a) To find the cost of the ending inventory, we start from the last…

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

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

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

A: The inventory can be valued using various methods as FIFO, LIFO and average method. The ending…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The inventory can be valued using the various methods as FIFO, LIFO and average method. FIFO stands…

Q: Weighted average cost flow method under perptual inventory system.  The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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

A: Solution-                                                                                FIFO METHOD…

Q: Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory…

A: Answer 1. Cost flow statement under FIFO method FIFO   Cost of goods available for sale     Cost…

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.