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Category > Accounting Posted 20 Aug 2017 My Price 9.00

physical inventory

PE 6-5A   Periodic inventory using FIFO, LIFO, and weighted average cost methods    ObJ. 4

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

 

Jan.        1                        inventory                  12 units at $5,400  $  64,800

aug.     7                       Purchase                   18 units at $6,000    108,000 dec.   11           Purchase                                               15 units at $6,480      97,200 available  for sale                               45 units                                            $270,000


                                                                        

 

There are 14 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.

 

 
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Maurice Tutor
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Status NEW Posted 20 Aug 2017 06:08 PM My Price 9.00

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