Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 9 units at $44 Jan. 1 Aug. 13 Inventory Purchase 14 units at $47 Nov. 30 Purchase 11 units at $49 34 units $396 658 539 Available for sale $1,593 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using th (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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 9 units at $44 Jan. 1 Aug. 13 Inventory Purchase 14 units at $47 Nov. 30 Purchase 11 units at $49 34 units $396 658 539 Available for sale $1,593 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using th (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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Name: Please do not give solution in image format thanku Periodic Inventory
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Description: Please do not give solution in image format thanku Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory9 units at $44$396Aug. 13Purchase14 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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