Sherita H.

asked • 12/01/19

I do not know how to arrive at the answer

Periodic Inventory Using FIFOLIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 4 units at $29 $116
July 7 Purchase 18 units at $32 576
Nov. 23 Purchase 20 units at $33 660
42 units $1,352

There are 21 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 $


1 Expert Answer

By:

Lisa C. answered • 12/01/19

Lisa - Management Accountant/Quickbooks Specialist

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