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 Aug. 7 Inventory Purchase 6 units at $24 $144 18 units at $26 468 Dec. 11 Purchase 12 units at $27 324 36 units $936 There are 17 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

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 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...

all the question please Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to...

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: Jan. 1 Aug. 13 Inventory Purchase 9 units at $25 $225 5...

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 13 units at $44 $572 Aug. 13 Purchase...

eBook Show Me How 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 19 units at $25 $475...

This table shows numbers of students in several categories at Ridgeway High. Find the probabilities described below. Express each answer to the nearest 0.001. a. What is the probability that a...

According to data from the National Health Survey, the heights of adult men are normally distributed with a mean of 69.0 inches and a standard deviation of 2.8 inches. The U.S. Marine Corps requires...

The payback period is the amount of time required for an investment to generate cash flows to recover its internal rate of return present value of future cash flows initial cost required rate of...

The force constant of a massless spring is 2 5 . 0 N / m . A mass of 0 . 4 5 kg is oscillating in simple harmonic motion at the end of the spring

The Homeowners Special Form insures the dwelling on an open-peril basis. What perils that are not covered under the Broad Form would be covered under the Special Form?

Your homeowners policy is about to be renewed. It is written to cover your dwelling for its original construction cost. The policy is a Homeowners Form HO-3 and is standard in all respects: The...

Briefly describe the difference in coverage on the insureds own property under Section I of the homeowners forms and the coverage on that property under the equivalent monoline dwelling forms.