he units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 15 units at $34 $510 12 units at $35 420 8 units at $37 Available for sale 35 units Aug. 13 Nov. 30 Inventory Purchase Purchase 296 $1,226 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3

he units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 15 units at $34 $510 12 units at $35 420 8 units at $37 Available for sale 35 units Aug. 13 Nov. 30 Inventory Purchase Purchase 296 $1,226 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3

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Description: Please do not give solution in image format thanku he units of an item available for sale during the year were asfollows:Date Line Item Description Units Cost per Unit AmountJan. 115 unitsat $34$51012 unitsat $354208 unitsat $37Available for sale 35

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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