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:

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units

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 20 units at $28 $560 Aug. 13 Purchase 7 units at $30 210 Nov. 30 Purchase 9 units at $31 279 Available for sale 36 units $1,049 There are 22 units of the item in the physical inventory at December 31. The periodi first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted avera answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $ SA A 641

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: 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 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 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 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 20 units at $27 $540 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 Inventory Aug. 13 Purchase Nov. 30 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: 4 units at $39 Jan. 1 Inventory $156 15 units at $41...

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 $38 $380 Aug. 7 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...

Find the edge chromatic numbers of a) Cn, where n 3. b) Wn, where n 3.

Based only on the knowledge that the premerger market share of two firms proposing to merge was 20 percent each, an economist working for the Justice Department was able to determine that, if...

what is the primary difference between business and consumer buyers is it that business buyers generally make larger orders than consumer buyers

Fifteen telephones have just been received at an authorized service center. Five of these telephones are cellular, five are cordless, and the other five are corded phones. Suppose that these...

Determine the polarization state of a plane wave with electric field E(z, t) = x 3 cos(@t kz + 30) - 4 sin(ot kz + 45) (mV/m).

7:50 PM P Edit Financial investment curing the year Established post salaries Custom and Excise duties Non-established post salaries 13% SSF contribution Transfer to the District Assembly Comman Fund...

Deprotonation of Luminol. Provide the complete mechanism that shows the deprotonation of the luminol zwitterion to form the dianion. You must include appropriate arrows, intermediates, and formal...

Shown are four Lewis structures for ozone (0,). Match each structure (on the left) with the correct response (on the right). A. 10-0-01 B. 10--i c. 10-0=0 D. 10=0=O Drag and dine optians an the rght...

You are a shareholder in a S - corporation. The corporation earns $ 2 per share before taxes. Once it has paid taxes it will distribute the rest of its earnings to you as a dividend. The corporate...

During 2016 the tax agency fund collected and remitted $150,000 of the 2016 levies to the various governmental units. The collection fees associated with the $150,000 were remitted to Laramees...

E 21-6 Agency fund statement of net position The City of Laramee established a tax agency fund to collect property taxes for the City of Laramee, Bloomer County, and Bloomer School District. Total...

4. In connection with Thurman Townships long-term debt, the following cash accumulations are available to cover payment of principal and interest on: Bonds for financing of water treatment plant...