Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	20	units at $36	$720
Aug. 13	Purchase	20	units at $37	740
Nov. 30	Purchase	13	units at $39	507
Available for sale		53	units	$1,967

There are 16 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).

a.	First-in, first-out (FIFO)	$
b.	Last-in, first-out (LIFO)	$
c.	Weighted average cost	$

Periodic Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	17 units at $33
Feb. 17	Purchase	11 units at $35
Jul. 21	Purchase	11 units at $36
Nov. 23	Purchase	14 units at $38

There are 26 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required.

a. Determine the inventory cost by the first-in, first-out method.
$

b. Determine the inventory cost by the last-in, first-out method.
$

c. Determine the inventory cost by the weighted average cost method.
$

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory	34 units at $40
Sale	14 units at $62
First purchase	15 units at $41
Sale	27 units at $62
Second purchase	27 units at $44
Sale	23 units at $62

The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?
$

b. What is the total cost of the ending inventory according to LIFO?

Answer rating: 100% (QA)

There are 16 unib at a FIFO 13 x 39 3X37 618 b LIF... View the full answer