Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: 9 units at $24 8 units at $25 16 units at $27 15 units at $28 Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase There are 9 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 answe to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. 252 b. Determine the inventory cost by the last-in, first-out method. 216 c. Determine the inventory cost by the weighted average cost method.

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: 9 units at $24 8 units at $25 16 units at $27 15 units at $28 Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase There are 9 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 answe to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. 252 b. Determine the inventory cost by the last-in, first-out method. 216 c. Determine the inventory cost by the weighted average cost method.

Name: Periodic Inventory by Three MethodsThe units of an item available for
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:9 units at $248 units at $2516 units at $2715 units at $28Jan. 1Feb. 17Jul. 21Nov. 23InventoryPurchasePurchasePurchaseThere are 9 units of the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 @ $122 Mar. 10 Purchase 70 units @ $134 Aug. 30 Purchase 20 units @ $138 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
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010 units @ $126 Feb. 17 Purchase 1,390 units @ $128 July 21 Purchase 1,665 units @ $129 Nov. 23 Purchase 1,150 units @ $131 There are 1,225 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. $4 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.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $36 Feb. 17 Purchase 18 units at $37 Jul. 21 Purchase 16 units at $39 Nov. 23 Purchase 4 units at $39 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.$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
periodic inventory by tree methods
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $36,000 62,400 48,000 $146,400 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 (Firo) 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 neares whole dollar). Jan. 1 Aug. 7 Dec, 11 Inventory 10 units at $3,600 Purchase 16 units at $3,900 Purchase 12 units at $4,000 38 units A. First-in, first out (riro)) b. Last-in, first-out (LIFO) Weighted average cost G
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $124 Mar. 10 Purchase 50 units at $132 Aug. 30 Purchase 30 units at $136 Dec. 12 Purchase 70 units at $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods 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
4. Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 5 units at $42 Feb. 17 Purchase 19 units at $43 Jul. 21 Purchase 20 units at $45 Nov. 23 Purchase 8 units at $45 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. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest 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 10 units at $46 Aug. 13 8 units at $49 Nov. 30 4 units at $51 22 units Inventory Purchase Purchase Available for sale $1,056 There are 13 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). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $460 392 204 000
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 @ $96 Mar. 10 Purchase 70 units @ $106 Aug. 30 Purchase 30 units @ $110 Dec. 12 Purchase 60 units @ $114 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) $ $ Last-in, first-out (LIFO) Weighted average cost
Sah
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 $39 $507 Aug. 13 Purchase 15 units at $41 615 Nov. 30 Purchase 10 units at $43 430 Available for sale 38 units $1,552 There are 23 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) С. Weighted average cost %24 %24 %24
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Inventory 10 units at $970 each Purchase 45 units at $960 each July 28 Purchase 30 units at $890 each November 1 Purchase 15 units at $920 each There are 35 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Cost 4 Ending Inventory January 1 June 9 Inventory Method a. First-in, first-out- b. Last-in, first-out c. Weighted average Feedback X 32,690 ✔ Cost Cost of Goods Sold