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	6	units at $33	$198
Aug. 13	Purchase	11	units at $36	396
Nov. 30	Purchase	18	units at $37	666
Available for sale		35	units	$1,260

There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) 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)	$fill in the blank 1
b.	Last-in, first-out (LIFO)	$fill in the blank 2
c.	Weighted average cost	$fill in the blank 3

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!

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 13 units at $50 Inventory Purchase 18 units at $51 12...

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 14 units at $28 $392 Aug. 7 Purchase...

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 4 units at $ 4 8 $ 1 9 2 Aug. 1 3...

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 11 units at $3,600 $39,600 Aug. 7...

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 9 units at $44 $396 Purchase Aug. 13...

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 17 units at $46 $782 Aug. 13 8 units at $47 376...

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 Aug. 13 Purchase Nov. 30 Purchase...

Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years ending December 31 for Gillispie Company are shown below. 2016 2015 Cost of merchandise sold...

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 at $26 $312 Aug. 13 Purchase...

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 Aug. 13 Inventory Purchase 9 units at $25 $225 5...

Douglas Fir Corp. had the following results for the past year: accounts receivable $8,400; sales $222,000; depreciation expense $48,800; dividends paid $5,300; accounts payable $2,100; and cost of...

Define the following terms: Foreign exchange market Foreign exchange transaction Foreign exchange

Which museum's collections were moved to safety before the German troops arrived during World War II ? the Mus e D'Orsay the British Museum the Rijksmuseum the Louvre 7 2 F Partly cloudy Search

Use MATLAB to solve the following: Experiment 6.2 Let Rn denote the equivalent resistance of n resistors connected in parallel, each having resistance R for n 1, 2, 3, . . . , etc. It can be shown...