Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory5units at $31$155Aug. 13Purchase12units at $34408Nov. 30Purchase11units at $35385Available for sale28units$948There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).a.First-in, first-out (FIFO)$fill in the blank 1b.Last-in, first-out (LIFO)$fill in the blank 2c.Weighted average cost$fill in the blank 3 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory5 units at $31$155Aug. 13Purchase12 units at $34408Nov. 30Purchase11 units at $35385Available for sale28 units$948There are 17 units of the item in the physical inventory at December 31. The periodic inventory systeminventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and ((round per-unit cost to two decimal places and your final answer to the nearest whole dollar).a. First-in, first-out (FIFO)1,165 Xb. Last-in, first-out (LIFO)563Weighted average cost$4575c.%24

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
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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. 1Inventory5units at $31$155Aug. 13Purchase12units at $34408Nov. 30Purchase11units at $35385Available fo

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

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Financial Accounting

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ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

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Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...

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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	5	units at $31	$155
Aug. 13	Purchase	12	units at $34	408
Nov. 30	Purchase	11	units at $35	385
Available for sale	28	units	$948

There are 17 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

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
5 units at $31
$155
Aug. 13
Purchase
12 units at $34
408
Nov. 30
Purchase
11 units at $35
385
Available for sale
28 units
$948
There are 17 units of the item in the physical inventory at December 31. The periodic inventory system
inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (
(round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
a. First-in, first-out (FIFO)
1,165 X
b. Last-in, first-out (LIFO)
563
Weighted average cost
$4
575
c.
%24

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