The units of an item available for sale during the year were as follows: Jan. 1 Inventory
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Question:
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 17 | units at $44 | $748 |
Aug. 13 | Purchase | 16 | units at $45 | 720 |
Nov. 30 | Purchase | 14 | units at $46 | 644 |
Available for sale | 47 | units | $2,112 |
There are 14 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) | $ ? |
b. | Last-in, first-out (LIFO) | $ ? |
c. | Weighted average cost | $ ? |
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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