FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
9 units at $44
$396
Aug. 13
Purchase
14 units at $47
658
Nov. 30
Purchase
11 units at $49
539
Available for sale
34 units
$1,593
There are 10 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)
C. Weighted average cost
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Transcribed Image Text: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 $44 $396 Aug. 13 Purchase 14 units at $47 658 Nov. 30 Purchase 11 units at $49 539 Available for sale 34 units $1,593 There are 10 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) C. Weighted average cost
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