Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,020 units @ $122 Feb. 17 Purchase 1,380 units @ $124 Jul. 21 Purchase 1,520 units @ $127 Nov. 23 Purchase 1,130 units @ $128 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method. $ b. Determine the inventory cost by the last-in, first-out method. $ c. Determine the inventory cost by the weighted average cost method. $
a)Inventory cost by the first-in, first-out method.
Units available for sale are =1020 units+1380 units+1520 units+1130 units=5050 units
Items available at the end on 31st December 1205 units
The year end stock of 1205 units is from the following lot:
1130 units@ $128=$ 1,44,640
75 units @$ 127=$ 9,525
= $ 1,54,165
Therefore the Inventory cost by the first-in, first-out method=$ 1,54,165
b) Inventory cost by the Last-in, first-out method.
Units available for sale are =1020 units+1380 units+1520 units+1130 units=5050 units
Items available at the end on 31st December 1205 units
The year end stock of 1205 units is from the following lot
1020 units @ $ 122= $ 1,24,440
185 units @ $124= $ 22,940
=$ 1,47,380
Therefore the Inventory cost by the Last-in, first-out method=$ 1,47,380
c )Inventory cost by the weighted average cost method.
Cost of Goods available for sale is as follows
=1,020 units @ $122+1,380 units @ $124+1,520 units @ $127+1,130 units @ $128
=$ 6,33,240
Total number of units available for sale =5050 units
Weighted average cost per unit= $ 6,33,240/5050 units=$ 125.394 per unit
Therefore the Inventory cost by weighted average method=$ 125.394 per unit*1205 units= $ 1,51,099.77
Periodic Inventory by Three Methods The units of an item available for sale during the year...
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