Question: Periodic inventory using FIFO, LIFO, and Weighted Average Cost Methods Jan. 01 Inventory 20 units at $28 $560 Aug. 13 Purchase 8 units at $31

Periodic inventory using FIFO, LIFO, and Weighted Average Cost Methods

Jan. 01 Inventory 20 units at $28 $560
Aug. 13 Purchase 8 units at $31 248
Nov. 30 Purchase 5 units at $33 165
Available for sale: 33 973

There are 13 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 method; (b) last in, last out method, (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)

b. Last in, Last out (LIFO)

c. weighted average cost

Can someone break this down into the simplest way to complete? I've tried so many times to solve this!

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!