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 $21,000 Jan. 1 Aug. 7 16 units at $3,200 51,200 Dec. 11 15 units at $3,400 51,000 38 units $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). Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost C. $ $

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 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 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

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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 15 units at $5,000 $75,000 Aug. 7 Purchase 16 units at $5,100 81,600 Dec. 11 Purchase 11 units at $5,300 58,300 42 units $214,900 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). а. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) С. Weighted average cost

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; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $96 Mar. 10 Purchase 60 units at $106 Aug. 30 Purchase 30 units at $110 Dec. 12 Purchase 70 units at $114 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. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Cost of Goods Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) 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

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 21 units at $1,800 each June 9 Purchase 29 units at $1,950 each July 28 Purchase 12 units at $2,040 each 17 units at $2,100 each Nov. 1 Purchase There are 18 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: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method 37,680 X b. Last-in, first-out method 32,400 122,130 c. Weighted average 35,209

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 40 units at $102 Mar. 10 Purchase 50 units at $110 Aug. 30 Purchase 10 units at $116 Dec. 12 Purchase 100 units at $118 There are 60 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