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...

70.2K

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:
Date Line Item Description Units Cost per Unit Amount
Jan. 1 Inventory 15 units at $35 $525
Aug. 13 Purchase 7 units at $38266
Nov. 30 Purchase 6 units at $40240
Available for sale 28 units $1,031
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 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).
Line Item Description Amount
a. First-in, first-out (FIFO) method $fill in the blank 1
b. Last-in, first-out (LIFO) method $fill in the blank 2
c. Weighted average cost method $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

Physics
1.2K views

How can I see that the the luminosity of the sun is 3.828×1026 W by looking...

Biology
1.2K views

If an antigen that produces immunity on a pathogen is a carbohydrate would it be...

Physics
1.2K views

A massless string pulls a man of 50 kg upward against gravity The string would...

Algebra
1.2K views

sert six for numbers numbers are between 3 and 1 3 and 12 anthmetic sequences...

Accounting
1.2K views

The production department of Zan Corporation has submitted the following forecast of units to be...

Accounting
1.2K views

DO NOT ENIER ANYTHING IN CELIS THAT ARE GREEN ClCRifnot,thenre-doyourcomparisons).PS.CRcannotbenegative.1.25001.1161(remember,afteryouhavecompletedthegrid,CRmustbe1000orless, Based on the above, which...

Accounting
1.2K views

Understanding Operating Assets Descriptions of operating assets are listed below. Required: Identify the category of...

Accounting
1.2K views

Determine the change of level of units Determine the change of level of mixed cost...

Accounting
1.2K views

What purpose does the multiple bond types serve? Why are some at a premium or...

Accounting
1.2K views

On June 30,2024 , Single Computers issued 8% stated rate bonds with a face amount...

Accounting
1.2K views

Watson Corporation is considering buying a machine for $45,000. Its estimated useful life is 5...

Finance
1.2K views

What is the profitability index (to the nearest 0.01) of a project with an initial...