Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $44 Feb. 17 Purchase 10 units at $45 Jul. 21 Purchase 4 units at $46 Nov. 23 Purchase 15 units at $47 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. 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.

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold Livr The units of an item available…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculation of Cost of Goods sold under FIFO Method (A) Periodic FIFO Cost of Goods Available for…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO represents the inventory valuation method that specifies that inventory purchased first would…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: a. Calculate the ending inventory using FIFO method.

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Under the periodic inventory system, the Physical count of Inventory is taken at regular time…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Units sold = Total units available - Units in ending inventory

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800…

A: Under periodical inventory system, movement of inventory is updated at the end of the period. there…

Q: Periodic Inventory by Three Methods The beginning inventory of merchandise at Rhodes Co. and data on…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units…

A: Average cost per unit = Total cost of goods available for sale / total units available for sale =…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Step 1:

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 16…

A: Total units available for sale = 16 + 16 + 20 + 7 = 59 units Total cost of goods available for sale…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: It is given that periodic inventory system is applied for calculating the inventory and it is also…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The inventory can be valued usi g various methods as: LIFO FIFO Average method

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The details regarding the Inventories are given. Required  Calculate the cost of Inventory as in…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Workings: Calculation of Goods available for sale: On January 01 purchased Inventory 40 units @ $ 96

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Solution:- Determination of the inventory cost using periodic inventory system as follows:-

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item…

A: Under FIFO method, older goods are sold first and newer goods are sold later. Under LIFO method,…

Q: eriodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: 1. First-in, first-out method: Under the first-in-first-out method goods that are brought at earlier…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Goods or items which are stored by the business either for selling or for further production so as…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A:

Q: Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory…

A: Answer 1. Cost flow statement under FIFO method FIFO   Cost of goods available for sale     Cost…

Q: Periodic Inventory by Three Methods The units of an tem available for sale during the year were as…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: 1) If the entity uses First in first out, then units at the opening will be used & units…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a. Determination of inventory cost by the First in First out method (FIFO) Under FIFO method…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: 1. First-in, first-out method: Under the first-in-first-out method goods that are brought at earlier…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: as per the FIFO method, the consumption of inventory will be from the first purchase, As per the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO stands for First in First Out LIFO stands for LIFO in First Out

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First-in-first-out (FIFO), last-in-last-out (LIFO), and weighted average cost method are the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: LIFO represents that inventory purchased last would be sold first. Whereas, FIFO represents that the…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: The total goods sold of 18 is computed by subtracting closing inventory, 20 from the total units…

Q: Cost of Ending Inventory and Cost of Goods Sold

A: Total Quantity Available = 40 + 60 + 30 + 70 = 200 UNits Ending Inventory = 80 Units Quantity Sold =…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic Inventory system The purpose of using of this system to ease the working calculation which…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Given that,  units available for sale = 200 units  units at ending = 80 units  units sold = 200 - 80…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO-First-in-First-Out:  As the name itself suggests, in this method, the oldest inventory or…