ctivity Take: Practice! Periodic Inventory Using FIFO, LIFO, and Weighted Averag

Question

ctivity Take: Practice! Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods 1 pr The units of an item available for sale during the year were as follows: Jan. 1 Inventory ly7 Purchase4 units at $44 Now. 23 Purchase16 units at $as 4 units at $42 $168 176 Novw. 23 Purchase 24 units 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 (a) the first-in, (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 (LPO) c. Weighted average cost

Explanation / Answer

a FIFO 540 =(12*45) b 524 =(4*42)+(4*44)+(4*45) LIFO c Average cost = 1064/24= $44.33 Inventory cost = 12*44.33 = $532

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.