The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $36 $144 Aug. 7 Purchase 15 units at $37 555 Dec. 11 Purchase 11 units at $39 429 30 units $1,128 There are 16 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $36 $144 Aug. 7 Purchase 15 units at $37 555 Dec. 11 Purchase 11 units at $39 429 30 units $1,128 There are 16 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost
Chapter10: Inventory
Section: Chapter Questions
Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...
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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 $36 | $144 |
Aug. 7 | Purchase | 15 | units at $37 | 555 |
Dec. 11 | Purchase | 11 | units at $39 | 429 |
30 | units | $1,128 |
There are 16 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) | $fill in the blank 1 |
b. | Last-in, first-out (LIFO) | $fill in the blank 2 |
c. | Weighted average cost |
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