Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of Manganese Plus available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of Manganese Plus available for sale during the year
were as follows:
| Mar. 1 | Inventory | 22 units | @ $29 | $638 |
| June 16 | Purchase | 28 units | @ $33 | 924 |
| Nov. 28 | Purchase | 43 units | @ $38 | 1,634 |
| 93 units | $3,196 |
There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar.
a. Determine the inventory cost by the FIFO
method.
$
b. Determine the inventory cost by the LIFO
method.
$
c. Determine the inventory cost by the average
cost methods.
$
Homework Answers
| a | ||
| Inventory cost by the FIFO method | 456 | =12*38 |
| b | ||
| Inventory cost by the LIFO method | 348 | =12*29 |
| c | ||
| Inventory cost by the average cost method | 412 | =3196*12/93 |
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of Manganese Plus available...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $29 $638 June 16 Purchase 28 units @ $33 924 Nov. 28 Purchase 43 units @ $38 1,634 93 units $3,196 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $ b. Determine...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
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 Inventory 17 units at $34 $578 July 7 Purchase 19 units at $36 684 Nov. 23 Purchase 20 units at $38 760 56 units $2,022 There are 17 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...
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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 Inventory 11 units at $39 $429 July 7 Purchase 19 units at $40 760 Nov. 23 Purchase 4 units at $41 164 34 units $1,353 There are 17 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...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during th...
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 Inventory 19 units at $39 $741 July 7 Purchase 16 units at $42 672 Nov. 23 Purchase 6 units at $43 258 41 units $1,671 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, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $198 Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase 6 units at $33 13 units at $34 442 19 units at $36 684 Available for sale 38 units $1,324 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the...
periodic inventory using FIFO, LIFO, and weighted average cost
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
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