cual Inventory Using Weighted Average ning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $13

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 7 units at $3,000 Jan. 1 Aug. 7 16 units at $3,200 Dec. 11 15 units at $3,400 Inventory Purchase Purchase 38 units $21,000 51,200 51,000 $123,200 There are 20 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) b. Last-in, first-out (LIFO) C. Weighted average cost

Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow:   20Y7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories:       Beginning of year 770,000 740,000   End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.   20Y7 20Y6 Inventory turnover     b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place.   20Y7 20Y6 Number of days’ sales in inventory  3 days 4 days

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 15 units at $4,100 $61,500 Aug. 7 Purchase 20 units at $4,300 86,000 Dec. 11 Purchase 11 units at $4,400 48,400   46 units $195,900 There are 17 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).

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 9 units at $48 $432 Aug. 13 Purchase 8 units at $50 400 Nov. 30 Purchase 11 units at $52 572 Available for sale 28 units $1,404 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) 2$ b. Last-in, first-out (LIFO) c. Weighted average cost

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eriodic 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 15 units at $4,000 $60,000 Aug. 7 Purchase 21 units at $4,600 96,600 Dec. 11 Purchase 18 units at $5,100 91,800 Available for sale 54 units $248,400 There are 17 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. a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: 17 units at $24 8 units at $25 10 units at $26 35 units Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale $408 a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 200 260 $868 There are 21 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). 000 W

Purchases of an inventory item during last month vere as follows: Number of items Unit price $5.00 5 10 8 15 $8.00 $6.00 $3.00 What was the weighted average price per item? O a Ob O c Od $5.21 $49.50 $55.50 $5.50

LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Apr. 3   Inventory 25   $1,200   $30,000   8   Purchase 75   1,240   93,000   11   Sale 40   2,000   80,000   30   Sale 30   2,000   60,000   May 8   Purchase 60   1,260   75,600   10   Sale 50   2,000   100,000   19   Sale 20   2,000   40,000   28   Purchase 80   1,260   100,800   June 5   Sale 40   2,250   90,000   16   Sale 25   2,250   56,250   21   Purchase 35   1,264   44,240   28   Sale 44   2,250   99,000   Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER…