
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text: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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEW Step 2: Working for number of sales unit
VIEW Step 3: Working for ending inventory using FIFO Method
VIEW Step 4: Working for ending inventory using LIFO Method
VIEW Step 5: Working for ending inventory using Weighted Average
VIEW Solution
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