The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method.
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- Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 20Y7. of Amsterdam Appliances are summarized as follows: Instructions Determine the cost of the inventory on December 31, 2O7, by the first-in, first-out method. Present data in columnar form. using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost ofThe units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $40 Feb. 17 Purchase 9 units at $42 Jul. 21 Purchase 20 units at $44 Nov. 23 Purchase 9 units at $46 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3
- The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS for November if the company uses FIFO? Select one: a. $600 b. $610 c. $400 d. $590The units of an item available for sale during the year were as follows: Jan. 1 16 units at $38 Inventory Purchase Feb. 17 16 units at $39 Jul. 21 Purchase 5 units at $40 Nov. 23 Purchase 20 units at $42 There are 16 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.The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $35 Feb. 17 Purchase 20 units at $37 Jul. 21 Purchase 16 units at $38 Nov. 23 Purchase 10 units at $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.
- The following lots of Commodity Z were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 7 units at $49 17 units at $55 55 units at $58 15 units at $61 The firm uses the periodic inventory system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,168 b. $5,383 c. $1,078The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS and ending inventory for November if the company uses LIFO? Select one: a. $600 b. $610 c. $400 d. $590eBook Show Me How Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. S 167,700 b. Determine the inventory cost by the last-in, first-out method. $ 145,600 C. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. s 657,500 X Accounting numeric field Check My Work Previous Next Check My Work 1:17 AM Co个萨国 4/18/2021
- The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? a.$1,380 b.$1,375 c.$1,250 d.$1,510< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using FIFO? a. $620 b. $659 O c. $655 O d. $690 4