Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory16units at $48$768Aug. 13Purchase13units at $51663Nov. 30Purchase20units at $521,040Available for sale49units$2,471There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).a.First-in, first-out (FIFO)$fill in the blank 1b.Last-in, first-out (LIFO)$fill in the blank 2c.Weighted average cost$fill in the blank 3

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory16units at $48$768Aug. 13Purchase13units at $51663Nov. 30Purchase20units at $521,040Available

FIFO Method :— It is one of the method of inventory valuation in which it is assumed that first…

Answered: Periodic Inventory Using FIFO, LIFO,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

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 16 units at $48 $768

Aug. 13 Purchase 13 units at $51 663

Nov. 30 Purchase 20 units at $52 1,040

Available for sale 49 units $2,471

There are 20 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) $fill in the blank 1

b. Last-in, first-out (LIFO) $fill in the blank 2

c. Weighted average cost $fill in the blank 3

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions