a company purchased inventory on november 1, november 12, november 22, and november 30. the unit cost from which of these purchases would likely be used to compute the ending inventory for november under lifo, assuming a periodic inventory system and that not all the units owned were sold? a.november 22 b.november 1 c.november 30 d.november 12

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27-10-2022
Business

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a company purchased inventory on november 1, november 12, november 22, and november 30. the unit cost from which of these purchases would likely be used to compute the ending inventory for november under lifo, assuming a periodic inventory system and that not all the units owned were sold? a.november 22 b.november 1 c.november 30 d.november 12

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PriyaMM PriyaMM · Answer 1 · 2022-11-04T07:03:29-04:00

A cost flow tracking method called periodic FIFO is applied within a periodic inventory system. In a periodic system, a physical inventory count is the only time the ending inventory balance is updated.

Periodic FIFO: What is it?

Periodic denotes that there are no regular updates to the Inventory account during the accounting period. Instead, the general ledger account Purchases is debited for the price of the goods that were bought from vendors. The Inventory account is changed at the end of the fiscal year to reflect the cost of the unsold goods.
The cost of the items that are offered for sale is subtracted from the cost of the ending inventory to calculate the cost of goods sold, which is shown on the income statement.
FIFO, or first in, first out, is an abbreviation. The first (oldest) expenses are the first costs to leave inventory and be recorded as the cost of goods sold on the income statement, according to the FIFO cost flow assumption. The balance sheet will continue to show inventories as being the final (or most recent) costs.

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