find the inventory value using the weighted average method, the fifo method, and the lifo method.\npurchases\…

find the inventory value using the weighted average method, the fifo method, and the lifo method.\npurchases\nbeginning inventory: 23 units at $8\njune: 15 units at $9\naugust: 12 units at $10\nnow in inventory: 20 units\nfind the inventory value using the weighted average method.\n$ 175.60\n(round the final answer to the nearest cent. round all intermediate values to the nearest cent.)\nfind the inventory value using the fifo method.\n$ 192\nfind the inventory value using the lifo method.\n$

find the inventory value using the weighted average method, the fifo method, and the lifo method.\npurchases\nbeginning inventory: 23 units at $8\njune: 15 units at $9\naugust: 12 units at $10\nnow in inventory: 20 units\nfind the inventory value using the weighted average method.\n$ 175.60\n(round the final answer to the nearest cent. round all intermediate values to the nearest cent.)\nfind the inventory value using the fifo method.\n$ 192\nfind the inventory value using the lifo method.\n$

Answer

Explanation:

Step1: Calculate the total cost of all units

The total cost of beginning inventory is (23\times8 = 184). The total cost of June purchases is (15\times9=135). The total cost of August purchases is (12\times10 = 120). The total cost of all units is (184 + 135+120=439). The total number of units is (23 + 15+12=50).

Step2: Use LIFO method

Under LIFO (Last - In - First - Out), we assume that the last units purchased are the first ones sold. We have 20 units in inventory. The total number of units is 50. The last - purchased units are 12 units at $10 (August) and (20 - 12=8) units from the June purchase. The cost of the 12 units from August is (12\times10 = 120). The cost of the 8 units from June is (8\times9=72).

Answer:

The inventory value using the LIFO method is (120 + 72=$192)