chpt 7 hw - FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year

chpt 7 hw - FIFO and LIFO Costs Under Perpetual Inventory...

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FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the year:Beginning inventory 33 units @ $42 Sale 17 units @ $61 First purchase 38 units @ $44 Sale 5 units @ $61 Second purchase 22 units @ $46 Sale 12 units @ $63 The firm uses the perpetual inventory system, and there are 59 units of the item on hand at the end of the year.a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory 12 units @ $31 Feb. 17 Purchase 4 units @ $33 Jul. 21 Purchase 9 units @ $35 Nov. 23 Purchase 14 units @ $37 There are 4 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required.a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
The units of an item available for sale during the year were as follows:Jan. 1 Inventory 17 units at $39 $663 July 7 Purchase 13 units at $40 520 Nov. 23 Purchase 19 units at $41 779 49 units $1,962 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system isused. 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 andyour final answer to the nearest whole dollar). 131 133

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