Hi, can you help me solve this, are those problems related? can you help me at l

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Hi, can you help me solve this, are those problems related? can you help me at least with one of them.

PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost me The units of an item available for sale during the year were as follows: thods OBJ. 4 Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 12 units at $5,400 18 units at $6,000 15 units at $6,480 $ 64,800 108,000 97.200 45 units $270,000 There are 14 units of the item in the physical inventory at December 31. The periodic in- ven Determine the inventory cost using (a) the first-in, first-out (FIFO) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. tory system is used. PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods 0BJ.4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 13 Nov. 30 Available for sale Inventory 20 units at $360 260 units at $342 40 units at $357 7,200 88,920 14,280 $110,400 Purchase Purchase 320 units There are 57 units of the item in the physical inventory at December 31. The periodic in- ventory 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.

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Jan1 balance 12 5400 64800 12 5400 64800 Purchasse 7-Aug 18 6000 108000 18 6000 108000 11-Dec 15 6480 97200 1 6480 6480 14 6480 90720 TOTAL 45 270000 31 179280 14 90720 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Jan1 balance 12 5400 64800 12 5400 64800 Purchasse 7-Aug 18 6000 108000 16 6000 96000 2 6000 12000 11-Dec 15 6480 97200 15 6480 97200 TOTAL 45 270000 31 193200 14 76800 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Jan1 balance 12 5400 64800 Purchasse 7-Aug 18 6000 108000 11-Dec 15 6480 97200 TOTAL 45 6000 270000 31 6000 186000 14 6000 84000

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