The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 1,100 units @ $122 |
Feb. 17 | Purchase | 1,385 units @ $123 |
Jul. 21 | Purchase | 1,700 units @ $126 |
Nov. 23 | Purchase | 1,145 units @ $127 |
There are 1,220 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.
$
Unit | Unit Cost | Total Cost | |
Beginning inventory | 1100 | 122 | 134200 |
Purchase 1 | 1385 | 123 | 170355 |
Purchase 2 | 1700 | 126 | 214200 |
Purchase 3 | 1145 | 127 | 145415 |
Total | 5330 | 664170 |
a) FIFO = (145415+75*126) = 154865
b) LIFO = (134200+120*123) = 148960
c) Weighted average = 664170/5330*1220 = 152024
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,065 units @ $128 Feb. 17 Purchase 1,375 units @ $129 Jul. 21 Purchase 1,615 units @ $131 Nov. 23 Purchase 1,125 units @ $132 There are 1,200 units of the item in the physical inventory on December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to the nearest whole value. a. Determine the inventory...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,035 units @ $130 1,425 units @ $132 Feb. 17 Purchase 1,525 units @ $133 Jul. 21 Purchase 1,145 units @ $134 Nov. 23 Purchase There are 1,220 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....
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....
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,000 units at $4 Feb. 17 Purchase 3,400 units at $5 Jul. 21 Purchase 3,100 units at $6 Nov. 23 Purchase 1,500 units at $7 There are 1,800 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis,...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,035 units $134 Feb. 17 Purchase 1,385 units $136 Jul. 21 Purchase 1,615 units o $139 Nov. 23 Purchase • 1,150 units $139 There are 1,225 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...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,030 units @ $126 Feb. 17 Purchase 1,430 units @ $128 Jul. 21 Purchase 1,610 units @ $130 Nov. 23 Purchase 1,125 units @ $132 There are 1,200 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....
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,100 units @ $130 Feb. 17 Purchase 1,440 units @ $131 Jul. 21 Purchase 1,635 units @ $132 Nov. 23 Purchase 1,130 units @ $134 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....
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase 1,095 units @ $120 1,380 units @ $121 1,625 units @ $122 Jul. 21 Purchase Nov. 23 Purchase 1,140 units @ $124 There are 1,215 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....
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 17 units at $49 Feb. 17 Purchase 11 units at $50 Jul. 21 Purchase 17 units at $52 Nov. 23 Purchase 7 units at $53 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required....
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $27 $378 Aug. 13 Purchase 19 units at $30 570 Nov. 30 Purchase 11 units at $32 352 Available for sale 44 units $1,300 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 (FIFO) method; (b) the last-in, first-out (LIFO)...