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 12 units at $5,400 $64,800 Aug. 7 Purchase 18 units at $6,000 108,000 Dec. 11 Purchase 15 units at $6,480 97,200 Available for sale 45 units $270,000 There are 14 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) method; and (c) the weighted average cost method. a. First-in, first-out (FIFO) method $ b. Last-in, first-out (LIFO) method $ c. 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: The units of an item available for sale during the year were as follows:Jan. 1…

A: a.

Q: an. 1 Inventory 40 units at $116 Mar. 10 Purchase 60 units at $124 Aug. 30 Purchase 30 units at $130…

A:

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:

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Using FIFO method, the units that were purchased first are to be sold first. The ending inventory…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

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

A:

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,060…

A: a. FIFO: Cost of ending inventory=1,125×$127+1,200-1,125×$126=$142,875+$9,450=$152,325

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

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

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: 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: FIFO method is the inventory valuation method which states the inventory purchased first are sold…

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

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

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

A: Calculate the cost of goods available.

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

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

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

A: Under FIFO first goods will be sold first

Q: Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies…

A: To ascertain the weighted average cost per unit the cost of goods available for sale are divided by…

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 Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

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 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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

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: FIFO Method Value of ending inventory Under FIFO method using periodic inventory system, Value of…

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 Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Solution-                                                                                FIFO METHOD…

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

A:

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

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

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: LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and…

A: Formula: Gross profit = Total sales - Total cost of merchandise sold

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 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: FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases…

A: Hi! Thank you for the question. As per the honor code, We are allowed to answer three sub-parts at a…

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…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.