(Question EX 7-12 page 381 - Immediate Accounting I 16E Textbook) Periodic Inventory by three methods The units of an item available for sale during the year were as follows: Jan 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) The FIFO Method; (b) The LIFO Method; and (c) The Weighted Average Cost Method.
(Question EX 7-12 page 381 - Immediate Accounting I 16E Textbook)
Periodic Inventory by three methods
The units of an item available for sale during the year were as follows:
Jan 1 Inventory 1,000 units at $120
Feb. 17 Purchase 1,375 units at $128
July 21 Purchase 1,500 units at $136
Nov. 23 Purchase 1,125 units at $140
There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) The FIFO Method; (b) The LIFO Method; and (c) The Weighted Average Cost Method.
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