Inventory Costing Methods—Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:  July 1 Beginning inventory 30 units @ $9 per unit   10 Purchased 50 units @ $11 per unit   15 Sold 60 units       26 Purchased 25 units @ $13 per unit   Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.  Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out:     Ending Inventory Answer     Cost of Goods Sold: Answer   B. Last-in, first-out:     Ending Inventory Answer     Cost of Goods Sold: Answer   C. Weighted-average cost:     Ending Inventory Answer     Cost of Goods Sold Answer

Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Aug. 13 Purchase Nov. 30 Purchase Available for sale There are 22 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). 20 units at $29 7 units at $31 9 units at $32 36 units $580 217 288 $1,085 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted averi Chapter 7 homework assignment take frame

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Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 27 units at $400 per unit Feb. 19   Purchase 55 units at $460 per unit June 8   Purchase 62 units at $540 per unit Oct. 7   Purchase 57 units at $550 per unit There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a.  Determine the inventory cost by the first-in, first-out method.$ b.  Determine the inventory cost by the last-in, first-out method.$ c.  Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.$

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb. 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are 1,205 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. b. Determine the inventory cost by the last-in, first-out method. 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. 11:52 PM 5/20/2021 DI %24 %24 %24

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 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576   43 units $1,976 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) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $

Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of May: Inventory, May 1 58 units @ $18 Purchase: Мay 7 48 units @ $20 May 18 61 units @ $21 May 27 40 units @ $22 During May, Oppenheimer sold 133 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 133 units sold, 49 cost $18, 34 cost $20, 46 cost $21, and 4 cost $22. $ 2. FIFO %$4 3. LIFO 2$ 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units e $94 Mar. 10 Purchase 70 units e $102 Aug. 30 Purchase 30 units e $106 Dec. 12 Purchase 60 units e $110 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the Inventory cost and the cost of merchandise sold by three methods. Round Interim calculations to one decimal and final answers to the nearest whole dollam Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,080 units @ $120 Feb. 17   Purchase 1,380 units @ $122 Jul. 21   Purchase 1,525 units @ $125 Nov. 23   Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a.  Determine the inventory cost by the first-in, first-out method.$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

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $114 Mar. 10 Purchase 70 units @ $126 Aug. 30 Purchase 20 units @ $134 Dec. 12 Purchase 70 units @ $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.     Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6