LIFO and accounting

[Purplepeopleeater]

So I can answer FIFO and Weighted costs. Even got LIFO for perpetual inventory. But for Periodic inventory, I'm dying. Any assistance on how to determine this?

 

1. Periodic Inventory by Three Methods

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

   Jan. 1 Inventory 200 units at $60 Feb. 17 Purchase 275 units at $64 July 21 Purchase 300 units at $68 Nov. 23 Purchase 225 units at $70

   There are 220 units of the item in the A detailed listing of merchandise on hand.physical inventory at December 31. The periodic inventory system is used.

   a.  Determine the inventory cost by the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.first-in, first-out method.
   $

   b.  Determine the inventory cost by the A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.last-in, first-out method.
   $

   c.  Determine the inventory cost by the weighted average cost method.
   $

A. $15400

B. ?!?!!?

C. $14465

 

Thanks in advance!

[pretre]

Didn't we do this a couple months ago?

[Purplepeopleeater]

Didn't we do this a couple months ago?

Different class 

[pretre]

Okay well if you still need help Monday, I'll take a look.

[Purplepeopleeater]

Okay well if you still need help Monday, I'll take a look.

Thank Pretre, but got it figured out. Didn't calculate the total sold at the right price.