Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $2,600 $36,400 Aug. 7 Purchase 20 units at $2,900 58,000 Dec. 11 Purchase 10 units at $3,100 31,000   44 units $125,400 There are 18 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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    Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

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

    Jan. 1 Inventory 14 units at $2,600 $36,400
    Aug. 7 Purchase 20 units at $2,900 58,000
    Dec. 11 Purchase 10 units at $3,100 31,000
      44 units $125,400

    There are 18 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) $fill in the blank 1
    b. Last-in, first-out (LIFO) $fill in the blank 2
    c. Weighted average cost $fill in the blank 3
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