Accounting Accounting Practice Problems Solutions Library

Periodic Inventory - FIFO, LIFO, and Average Cost Solutions Library

Access 19 Periodic Inventory - FIFO, LIFO, and Average Cost video and text solutions to help you complete your homework. Need to revisit the concept? Watch our Periodic Inventory - FIFO, LIFO, and Average Cost learn videos.

Browse Solutions

19 solutions

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. The amount of purchases of merchandise inventory during the period is a. only accumulated in a separate account under the periodic inventory syste...

Solved • Aug 1, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Which of the following is true during periods of rising prices? a. The use of FIFO will result in smaller net income than LIFO. b. The use of FIF...

Solved • Aug 1, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Consider the following: There were 105 units available at a total cost of $1,225. Eighty-three units were sold. Use the LIFO method of inventory c...

Solved • Aug 1, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Consider the following: Eighty-three units were sold. What is the value assigned to the ending inventory using the FIFO method of inventory costin...

Solved • Aug 1, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Consider the following: Determine the value of the ending merchandise inventory. a. $10,000 b. $15,000 c. $ 5,000 d. $25,000

Solved • Aug 1, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. ABC Company employs a periodic inventory system and sells its inventory to customers for $15 per unit. ABC Company had the following inventory info...

Solved • Jul 28, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. ABC Company employs a periodic inventory system and sells its inventory to customers for $15 per unit. ABC Company had the following inventory info...

Solved • Jul 28, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. In periods of rising prices, which inventory costing method will yield the highest operating income? a. FIFO b. LIFO c. Weighted Average d. Spe...

Solved • Jul 26, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. ABC Company sold merchandise to XYZ Company on 10/31/15 FOB destination, terms 2/10, n/30. ABC uses a periodic inventory system and XYZ uses a perp...

Solved • Jul 26, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Dell gives you the following information: Beginning inventory: 10 units at $5.00 each Purchased: 10 units at $7.00 each 5 units at $16.00 each ...

Solved • Jul 26, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Lauer Corporation uses the periodic inventory system and the following information about their laptop computer is available: During the year, 750 ...

Solved • Jul 19, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Maxell Company uses the FIFO method to value inventory and had the following transactions in the period. What are Maxell’s cost of goods sold and ...

Solved • Jul 19, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Hefty Company wants to know the effect of different inventory methods on financial statements. Given below is information about beginning inventory...

Solved • Jul 14, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Hefty Company wants to know the effect of different inventory methods on financial statements. Given below is information about beginning inventory...

Solved • Jul 14, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Hefty Company wants to know the effect of different inventory methods on financial statements. Given below is information about beginning inventory...

Solved • Jul 14, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Using the LIFO method, the latest purchases of inventory are assumed to be contained: a. On the balance sheet as part of ending inventory b. On t...

Solved • Jul 7, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Iron Co. has the following data related to an item of inventory: Inventory, March 1                                        100 units @ $4.20 Purch...

Solved • Jul 7, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Iron Co. has the following data related to an item of inventory: Inventory, March 1                                        100 units @ $4.20 Purch...

Solved • Jul 7, 2017

Periodic Inventory - FIFO, LIFO, and Average Cost

Q. Assume that cost of goods sold is $195,000, and ending inventory is $55,000 for a company using the FIFO method. If ending inventory for the same p...

Solved • Jul 6, 2017