Print hem Of Purchasedx takeAssignmentMaindoinvoker a Period

Print hem Of Purchasedx takeAssignmentMain.do?invoker a Periodic inventory using FIFO·UFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows 1am. 1 1am, Aug. 7 Inventory 6 units 49 Purchase16 units at ss0 11 units at $52 294 Dec 11 Purchase 33 units 3.666 There are 18 units of the item in the pnsical Inventory at December 31. The periodic i in, fest-out (FIFO) your final inventory svstem is used. Decermine the inventory cost using (a) the first- ) method: (b) the last-in, first-out QFO) method: and (e) the weighted average cost method (round per unit cost to two decimal places and nearest whole dollar). c. weighted average cont 8 9

Solution

Answer a.

Number of units in ending inventory = 18

Cost of Ending Inventory = 7 * $50 + 11 * $52
Cost of Ending Inventory = $922

Answer b.

Number of units in ending inventory = 18

Cost of Ending Inventory = 6 * $49 + 12 * $50
Cost of Ending Inventory = $894

Answer c.

Cost per unit = Cost of Goods available for sale / Number of units available for sale
Cost per unit = $1,666 / 33
Cost per unit = $50.48

Cost of Ending Inventory = 18 * $50.48
Cost of Ending Inventory = $909