The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $41 $451 Aug. 13 Purchase 17 units at $44 748 Nov. 30 Purchase 18 units at $46 828 Available for sale 46 units $2,027 There are 28 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) $ c. Weighted average cost $

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 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: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

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

A: Units sold = Total units available - Units in ending inventory

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

A: The cost of the inventory is determined by three  methods. The methods are- FIFO - First in First…

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

A: Periodic inventory system is a system in which the inventory is updated in the accounting records on…

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: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

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

A: Under the FIFO method, the earliest purchases are sold first which the ending inventory consists of…

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

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

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: The units of an item available for sale during the year were as follows: Jan 1 Inventory 21 units…

A: In First-in-first-out (FIFO) it is assumed that the first purchased item will be sold first. So, the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21…

A: Solution:- a)Calculation of Ending inventory using FIFO method as follows:- Rule:- As per FIFO…

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: 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: 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: The units of an item available for sale during the year were as follovs: January 11 Inventory 60…

A: FIFO is one of the most common methods used for inventory valuation. FIFO method works on the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

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 follow: Jan 1   Inventory    14…

A: Unit Cost Of Unit Sales = Total Cost Of Goods Available For Sales / Total Goods Available for Sales…

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

A: LIFO method - Last in first out. It assumes that last inventory are sold first  FIFO - First on…

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

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

A: Solution:- Calculation of  inventory cost using periodic inventory method as follows:-

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

A: Last in first out: In this method, it is assumed that goods purchased recently are sold first.

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: First-in-first-out (FIFO), last-in-last-out (LIFO), and weighted average cost method are the…

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

A: The average cost per unit would be $1976 / 43 = $45.95

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: Total units available for sale = 37 units Total cost of goods available for sale = $1,441 Average…

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: 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.