Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 13 Purchase 16 units at $31 496 Nov. 30 Purchase 9 units at $32 288 Available for sale 35 units $1,074 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) ??? b. Last-in, first-out (LIFO) $290 c. Weighted average cost $307
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 13 Purchase 16 units at $31 496 Nov. 30 Purchase 9 units at $32 288 Available for sale 35 units $1,074 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) ??? b. Last-in, first-out (LIFO) $290 c. Weighted average cost $307
Chapter10: Inventory
Section: Chapter Questions
Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 10 | units at $29 | $290 |
| Aug. 13 | Purchase | 16 | units at $31 | 496 |
| Nov. 30 | Purchase | 9 | units at $32 | 288 |
| Available for sale | 35 | units | $1,074 |
There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
| a. | First-in, first-out (FIFO) | ??? |
| b. | Last-in, first-out (LIFO) | $290 |
| c. | Weighted average cost | $307 |
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