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Question

Online now co v n/takeAssignment/takeAssignmentMain doin voker-ass entsstakeAssig entSessionLocate rassignment takesr progress.. ? P e D eBook Show Me How Calculator Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an iten available for sale during the year were as follows Jan. 1 Inventory Aug. 7 Purchase Dec. 11 Purchese 6 units at $24 16 units at $25 14 units at $26 36 units $144 400 364 $908 tem in the physical inventory at December 31. The periodic inventory system is used. Determine the first-out (FIFO) method; (b) the last-in, first- out (LIFO) method; and (c) the weighted everage cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar) 0. First-in, first-out (FIFO) b. Lost-in, first-out (LIFO) c. Weighted average cost Check My W a. When the FIFO method is used, costs are included in cost of merchandise solo in the order in which they were purchased b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of merchandise sold and the ending merchandise inventory Net

Explanation / Answer

Calculate ending inventory under following method :

a) First in First out (FIFO) = (14*26+5*25) = $489

b) Last in First out (LIFO) = (6*24+13*25) = $469

c) Weighted average cost = 908/36*19 = $479

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