Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,075 units @ $130 Feb. 17   Purchase 1,425 units @ $131 Jul. 21   Purchase 1,570 units @ $133 Nov. 23   Purchase 1,125 units @ $134 There are 1,200 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.  Determine the inventory cost by the first-in, first-outmethod. $  Determine the inventory cost by the last-in, first-outmethod. $  Determine the inventory cost by the weighted average cost method. $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Periodic Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan. 1

  Inventory

1,075 units @ $130

Feb. 17

  Purchase

1,425 units @ $131

Jul. 21

  Purchase

1,570 units @ $133

Nov. 23

  Purchase

1,125 units @ $134

There are 1,200 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.

  1.  Determine the inventory cost by the first-in, first-outmethod.
    $
  2.  Determine the inventory cost by the last-in, first-outmethod.
    $
  3.  Determine the inventory cost by the weighted average cost method.
    $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education