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 15 units at $26 $390
Aug. 7 Purchase 20 units at $27 540
Dec. 11 Purchase 12 units at $29 348
47 units $1,278

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).

a. First-in, first-out (FIFO) $
b. Last-in, first-out (LIFO) $
c. Weighted average cost

$

PLEASE SHOW WORK

Homework Answers

Answer #1

a. Cost of ending inventory as on 31 December using periodic FIFO method

Ending Inventory = (12*29)+(8*27)

Ending inventory = $348+$216

Ending inventory = $564

b. Cost of ending inventory as on 31 December using periodic LIFO method

Ending Inventory = (15*26)+(5*27)

Ending Inventory = $390+$135

Ending Inventory = $525

c. Cost of ending inventory as on 31 December using periodic weighted average method

Weighted average cost per unit = cost of goods available for sale/Total no of units available for sale

Weighted average cost per unit = 1,278/47

Weighted average cost per unit = 27.19

Ending Inventory = 20*27.19

Ending Inventory = $544

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