Question

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...

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 $25 $125
Aug. 7 Purchase 19 units at $28 532
Dec. 11 Purchase 13 units at $29 377
37 units $1,034

There are 18 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) $
b. Last-in, first-out (LIFO) $
c. Weighted average cost $

Homework Answers

Answer #1

a First in, first out (FIFO)

Inventory cost = (13 × 29) + (5 × 28) = $517

Inventory at 31st December is costing under FIFO method is $517

b Last in, first out (LIFO)

Inventory cost = (5 × 25) + (13 × 28) = $489

Inventory at 31st December is costing under LIFO method is $489

c Weighted average cost

Weighted average per unit cost = 1,034 / 37 = 27.94

Inventory cost = (18 × 27.94) = $503

Inventory at 31st December is costing under weighted average method is $503

The above are the detailed calculations of ending inventory.

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