Question

Question 1

Part A

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $174 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $29 18 units at $32 14 units at $33 576 462 38 units $1,212 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. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Part B

Part C

Part D

Answer 1

a) calculate ending inventory

	Ending inventory
FIFO	(14*33+2*32) = 526
LIFO	(6*29+10*32) = 494
Weighted average	1212/38*16 = 510

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