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 4 units at $36 $144 Aug. 7 Purchase 15 units at $37 555 Dec. 11 Purchase 11 units at $39 429   30 units $1,128 There are 16 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 (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

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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 by three methods; cost of goods soldThe units of an item available for sale…

A: In periodic inventory system, the inventory records are maintained periodically at specified…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

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

A: Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.FIFO Stands…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total 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: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

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

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

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…

A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…

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

A: First-in, first-out method states that the inventory that is purchased at first will be issued at…

Q: Periodic Inventory-FIFO Carla Company uses the perpetual inventory system. The following information…

A: First in First out (FIFO): Under this inventory valuation technique in which the first received…

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

A: calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…

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

A: Weighted average cost per unit = 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 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 Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units…

A: "Since you have asked multiple question, we will solve the first question for you. If you want…

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

A: solution the method of inventory is periodic inventory under periodic inventory the inventory is…

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

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

A: In FIFO earlier  goods will be sold first

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units…

A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sold…

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

A: Periodic inventory system is one of system used in the valuation of inventory, in this system…

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

A: The three methods of inventory valuation are FIFO or First In First Out, LIFO or Last in Last Out or…

Q: Periodic inventory by three methods; cost of merchandise soldThe units of an item available for sale…

A: FIFO is first in first out inventory method which says that inventory which is purchased first will…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units…

A: Formula: Cost per unit = Total cost / Number of units

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

A: Inventory valuation can be defined as the technique used to find out the cost of the inventory.…

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

A: Given: Date Units Price $ Total cost Jan-01 27 400 10,800 Feb-19 55 460…

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

A:

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.