Question: 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
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 12 units @ $37 $444
Aug 13 Inventory 20 units @$38 $760
Nov. 30 Inventory 10 units @$39 $390
Total Available units for sale 42units $ 1594
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.
| a. | First-in, first-out (FIFO) method | $ |
| b. | Last-in, first-out (LIFO) method | $ |
| c. | Weighted average cost method | $ |
Any help would be much appreciated! Thanks!
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