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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units @ $33 Feb. 17 Purchase 18 units @ $35 Jul. 21 Purchase 17 units © $38 Nov. 23 Purchase 19 units © $39 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units @ $33 Feb. 17 Purchase 18 units @ $35 Jul. 21 Purchase 17 units © $38 Nov. 23 Purchase 19 units © $39 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units @ $33 Feb. 17 Purchase 18 units @ $35 Jul. 21 Purchase 17 units @ $38 Nov. 23 Purchase 19 units @ $39 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
Transcribed Image Text:Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units @ $33 Feb. 17 Purchase 18 units @ $35 Jul. 21 Purchase 17 units @ $38 Nov. 23 Purchase 19 units @ $39 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
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