Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $360 $7,200 Aug. 13 Purchase 260 units at $342 88,920 Nov. 30 Purchase 40 units at $357 14,280 Available for sale 320 units $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. 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
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $360 $7,200 Aug. 13 Purchase 260 units at $342 88,920 Nov. 30 Purchase 40 units at $357 14,280 Available for sale 320 units $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. 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
Chapter10: Inventory
Section: Chapter Questions
Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 20 | units at $360 | $7,200 |
Aug. 13 | Purchase | 260 | units at $342 | 88,920 |
Nov. 30 | Purchase | 40 | units at $357 | 14,280 |
Available for sale | 320 | units | $110,400 |
There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.
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 |
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