Question

Calculator Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: $1,612 Jan. 1 Inventory 15 units at $35 $525 Aug. 7 Purchase 18 units at $36 668 Dec. 11 Purchase 12 units at $37 45 units a ) the first in, first out (FFO) method; There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost (b) the last in, first-out (LFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your face to the newest whole dar) a. First-in, first-out (FIFO) b. Last-in, first-out (FO) C Weighted average cost

Answer 1

Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods # of Units Cost of Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold # of Units Unit Beginning onventory 15 351 525 15 35 525 0 35 Purchases Aug-07 18 36 648 13 36 468 5 36 1801 Dec-11) 12 371 444 0 371 12371 444 Totals 45 1617 28 9931 17|| 624 Periodic : LIFO Goods Purchasd Cost of Goods Sold | Inventory Balance Cost Per Ending Unit Inventory 15 35 525 cost of Goods # of Units Cost of # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold # of Units | Beginning onventoryl 15 35 5251 0 35 0 Purchases Aug-07 18 36 648 16. 36576 Dec-11 12 444 121 444 Totals 1617 28 1020 72 361 371 371 2 0 17 37 45 597

Inventory Balance # of Units Cost Per Ending Unit Inventory Periodic : Weighted Average Goods Purchasd Cost of Goods Sold # of cost of Goods Cost of # of Units Cost Per Unit Units Cost Per Unit Available for sales Goods Sold sold Beginning onventory 15 35 525 Purchases Aug-07 18 36 648 Dec-11 12 444 Totals 45 35.93 1617 28 35.93_ 1006 Weighted Average Unit Cost = (1617/45) 35.93 37 1 7 35.93| 611 Invenotry cost Invenotry cost Invenotry cost Answers FIFO LIFO 624 597 611 Weighted Average