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: 24 units at $8\njune: 15 units at $9\naugust: 10 units at $10\nnow in inventory: 20 units\nfind the inventory value using the weighted average method.\n$174.20\n(round the final answer to the nearest cent. round all intermediate values to the nearest cent)\nfind the inventory value using the fifo method.\n$□

find the inventory value using the weighted average method, the fifo method, and the lifo method.\npurchases\nbeginning inventory: 24 units at $8\njune: 15 units at $9\naugust: 10 units at $10\nnow in inventory: 20 units\nfind the inventory value using the weighted average method.\n$174.20\n(round the final answer to the nearest cent. round all intermediate values to the nearest cent)\nfind the inventory value using the fifo method.\n$□

Answer

Explanation:

Step1: Calculate the total cost of all units

Beginning inventory cost: (24\times8 = 192) June purchase cost: (15\times9=135) August purchase cost: (10\times10 = 100) Total cost (=192 + 135+100=427) Total units (=24 + 15+10=49)

Step2: Determine the cost per unit using FIFO

Under FIFO (First - In - First - Out), the units in inventory are from the most recent purchases. We have 20 units in inventory. The August purchase has 10 units. So we need (20 - 10=10) units from the June purchase. Cost of inventory (=(10\times10)+(10\times9)) (=100 + 90)

Answer:

(190.00)