? ??Broward College l Browardi e 07 Homework-ACG2001 P | CengageNOW2] Onlir Ceng

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? ??Broward College l Browardi e 07 Homework-ACG2001 P | CengageNOW2] Onlir Cengage Learning ? ? ???v2.cengagenow.com/ lrn ignmentsessionLocator-assignment-take&inprogres;:U ? ? ? in.do?invoker= assi Ch 7-2 Practice Exercises 4Show Me How Calculator ?Print item eBook 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 Aug. 7 Pchase Dec. Pchase 1. PE.07-02.ALGO 2. ??.07-03-ALGO 3. ??.07-04A 4. PE.07-05 ALGO 5. PE.07-06 ALGO 14 units at $47 20 units at $50 15 units at $51 49 units $658 1,000 765 $2,423 Inventory There are 16 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, first-out (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. b. c. First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Check My Work 2 more Check My Work uses remaining. Previou Next Progress: 4/5 items O Type here to search 11:47 PMM rP ^ E 4/9/2018

Explanation / Answer

a FIFO 815 =(15*51)+(1*50) b LIFO 758 =(14*47)+(2*50) c Weighted average cost per unit 49.45 =2423/49 Weighted average cost 791 =16*49.45

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