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 | 8 | units at $33 | $264 |
Aug. 7 | Purchase | 18 | units at $35 | 630 |
Dec. 11 | Purchase | 15 | units at $37 | 555 |
41 | units | $1,449 |
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 | $ |
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