Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. periodic inventory using fifo, lifo, and weighted

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

80.2K

Verified Solution

Question

Accounting

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 19 units at $39 $741
Aug. 13 Purchase 13 units at $41 533
Nov. 30 Purchase 11 units at $42 462
Available for sale 43 units $1,736

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) $fill in the blank 1
b. Last-in, first-out (LIFO) $fill in the blank 2
c. Weighted average cost $fill in the blank 3

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

Finance
1.2K views

a) Compare savings surplus and savings deficit units and indicate which economic units are of one...

Psychology
1.2K views

what element of human life does zhuangzi identify as the most prone to lead to misunderstandings?

Biology
1.2K views

SE2 Describe insulin biogenesis from translation to secretion Insulin biogenesis from translation to secretion

Physics
1.2K views

A physics student places an object 6.0 cmfrom a converging lens of focal length 9.0...

Physics
1.2K views

In the figure shown density of lower liquid is three times of density of upper...

Physics
1.2K views

of inertia 0 01 kgm about its massless cord wrapped around its rim kg mass...

Physics
1.2K views

KOTA RAJASTHAN 170 In YDSE with two identical slits when upper slit is covered with...

Accounting
1.2K views

help During and after the pandemic, just-in-time became controversial as an...

Accounting
1.2K views

Please explain the entry! Point Co. purchased 90% of Sharpe Corp.'s voting stock on January...

Accounting
1.2K views

thank you Difland taer chare sen1 sesiant 20ye 24000 Nreferred...

Accounting
1.2K views

Since 1970, Super Rise, Incorporated, has provided maintenance services for elevators. On January 1,2024, Super...

Accounting
1.2K views

Valencia Company paid $1.40 million to purchase stock in another company, $.80 million to repurchase...