Periodic Inventory Using FIFO , LIFO , and Weighted Average Cost Methods There a
ID: 2379331 • Letter: P
Question
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
There are 57 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.
a. First-in, first-out (FIFO) method $ b. Last-in, first-out (LIFO) method $ c. Weighted average cost method $Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: There are 57 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.
Explanation / Answer
a FIFO Units Cost p.u Cost 40 357 14280 17 342 5814 Valuation 57 20094 b LIFO Units Cost p.u Cost 20 360 7200 37 342 12654 Valuation 57 19854 c Weighted Avg Units Cost p.u Cost Valuation 57 345 19665 (110400/320)