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melissaschnelting
31.07.2019 •
Business
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 12 units at $46 $552 aug. 7 purchase 18 units at $49 882 dec. 11 purchase 14 units at $51 714 44 units $2,148 there are 17 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
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Ответ:
A. $861
B.$797
C.$829.94
first order the operations of the year
January Purchase A - 12 units $46 = $552
August Purchase B- 18 units $ 49 = $882
December Purchase C - 14 units $51 = $714
The total number of units purchased is 44. If at the end of the year there are 17, we assume that 27 units were sold AFTER the last purchase.
So with this is the inventory value according to the method used
A. FIFO. The first purchases are those that are sold, we sold 27 units, then.
Purchase A = 0 ( 12 - 12) x $46 = 0
Purchase B = 3 (18-15) x $49=$147
Purchase C = 14 x 51 = $714
inventory cost = $861
B. LIFO . the last purchases are the first sales. we sold 27 units
Purchase A = 12 x $46 = $552
Purchase B = 5 (18-13) x $49=$245
Purchase C = 0 (14-14) x 51 = 0
inventory cost = $797
C.WEIGHTED AVERAGE COST- we must perform the weighted average of all purchases
Total inventory =44 units
sum of all purchases = $ 2148
average cost = $48.82
inventory cost = 17 unist x $8.82= $829.94
Ответ: