Reference no: EM133040594

Question 1 - 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 15 units at $29 $435

Aug. 13 Purchase 10 units at $32 $320

Nov. 30 Purchase 13 units at $34 $442

Available for sale 38 units $1,197

There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

Question 2 - FIFO and LIFO Costs Under Perpetual Inventory System - The following units of an item were available for sale during the year:

Beginning inventory 39 units at $42

Sale 30 units at $61

First purchase 15 units at $43

Sale 13 units at $63 Second purchase

29 units at $44

Sale 13 units at $63

The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

b. What is the total cost of the ending inventory according to LIFO?