Question: Hi, can you help me solve this, are those problems related? can you help me at least with one of them. PE 7-5A Periodic inventory

 Hi, can you help me solve this, are those problems related?

Hi, can you help me solve this, are those problems related? can you help me at least with one of them.

PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost me The units of an item available for sale during the year were as follows: thods OBJ. 4 Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 12 units at $5,400 18 units at $6,000 15 units at $6,480 $ 64,800 108,000 97.200 45 units $270,000 There are 14 units of the item in the physical inventory at December 31. The periodic in- ven Determine the inventory cost using (a) the first-in, first-out (FIFO) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. tory system is used. PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods 0BJ.4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 13 Nov. 30 Available for sale Inventory 20 units at $360 260 units at $342 40 units at $357 7,200 88,920 14,280 $110,400 Purchase Purchase 320 units 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!