Question

Calculator Periodic Inventory Using FIFO, UFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 17 units at $29 Aug. 13 Purchase 20 units at $32 640 Nov. 30 Purchase 12 units at $33 Available for sale 49 units $1.529 There are 24 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the first in, first- out (FIFO) method; (b) last-in, first-out (UF) method; and (c) weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar) First-in, first-out (FIFO) b. Lastin, first-out (FO) Weighted average cost Previous Next > Subm Test for Grading

Answer 1

Answer

Date	units	Rate	Cost$
1-Jan	17	29	493
17-Aug	20	32	640
30-Nov	12	33	396
	49		1529
				Total cost$
FIFO
31-Dec	24
	30-Nov	12 x 33	396
	17-Aug	12 x32	384	$780
LIFO
31-Dec	24
	1-Jan	17 x29	493
	17-Aug	7 x32	224	$717
Weighted average rate	=	$1529/49
	=	$31.2
Ending Inventory31-Dec	=	24
Total cost=	31.2 x 24		=	$748.9

Therefore total cost for 24 units based on FIFO is $780,LIFO is $717 , Weighted average cost is $748.9

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