Some updates could not b automatically Periodic Inventory Using FIFO, LIFO, and

Question

Some updates could not b automatically 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 Aug. 7 Purchase 19 units at $45 Dec. 11 Purchase 13 units at $47 7 units at $42 $294 855 611 $1,760 39 units 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 (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). First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost a. c.

Explanation / Answer

Calculate ending inventory :

a) First in first out = (13*47+4*45) = $791

b) Last in first out = (7*42+10*45) = $744

c) Weighted average = 1760/39 = 45.13*17 = $767

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