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 10 units at $44 $440 Aug. 7 Purchase 15 units at $45 675 Dec. 11 Purchase 13 units at $46 598   38 units $1,713 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 (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).

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:

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: Under the periodic inventory system, the Physical count of Inventory is taken at regular time…

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

A:

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: 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: 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 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:

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

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

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: 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: eriodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale…

A: Lets understand the basics. In first in first out basis company assumes that, goods come first in…

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 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: Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold…

A: First, we have to calculate the total cost of inventory.  Cost of Inventory = Inventory * Price per…

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:

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

A: Average cost means where the cost of units sold and closing inventory is valued at average cost…

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

A: Determine units and cost of goods goods available for sale.

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: 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 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:

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: 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 15 units…

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

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: 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 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: 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: 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; 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.