Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nov. 30 150 periodic inventory using fifo, lifo, a

Nov. 30 150 Periodic inventory using FIFO, LIFO, and weighted average cost methods The units...

60.1K

Verified Solution

Question

Accounting

image
Nov. 30 150 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 18 units at $25 $450 Aug. 13 Purchase 6 units at $28 168 Purchase 5 units at $30 Available for sale $768 There are 12 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 29 units

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students