C Chegg Study Order C ? Jan. 1 Inventory July 7 Purchase Nov. 23 Purchase 6 unit
ID: 2522032 • Letter: C
Question
C Chegg Study Order C ? Jan. 1 Inventory July 7 Purchase Nov. 23 Purchase 6 units at $33 14 units at $35 24 units $124 198 490 $812 There are 10 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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Next All 342 PM EExplanation / Answer
A. Using the FIFO Method of inventory , the value of closing stock or ending inventory will be $350( 10 units × $35 per unit.)
B. Using the LIFO Method of inventory , the value of closing stock or ending inventory will be $322 I.e, ($198+$124) I.e, 4 units ×$31+ 6 units × $33).
C.Using Weighed average cost, the value of ending inventory will be $ 338.33 I.e, ($812÷24 units= $33.83 per unit) and closing stock is 10 units and therefore the value of closing inventory will be ($34.83×10 units) = $338.33.
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