Periodic Inventory Using FIRO, LIFO, and Weighted Average Cost Method The units

Question

Periodic Inventory Using FIRO, LIFO, and Weighted Average Cost Method The units of an hem avaiable for sale during the year were as follows: 7 units at $24 168 Mu 13 Purchase 18 units at 125 Nov. 30 Purchase 11 units at $26 Available for sale There are 16 units of the item in the ehodi and (c) the weighted aeroge est method trid perunt cost to two decinal place·and yor ta anser to the dearest 286 36 units 904 physical inventory at December 31. The periodic inventory system is used. Determine the inventory cest using (a) the frst-in, first-out (FIFO) methos; (b) the lest-in, first-out (LIFO) he dean . First-in,first-out (FFO b. Last-in, first-out (LIFO) Weighted average cost

Explanation / Answer

a FIFO 411 =(11*26)+(5*25) b LIFO 393 =(7*24)+(9*25) c Average cost=904/36= $25.11 Weighted average cost=16*25.11= $402

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.