Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $27 $243 Aug. 13 Purchase 7 units at $29 203 Nov. 30 Purchase 5 units at $31 155 Available for sale 21 units $601 There are 13 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). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 000

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $27 $243 Aug. 13 Purchase 7 units at $29 203 Nov. 30 Purchase 5 units at $31 155 Available for sale 21 units $601 There are 13 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). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 000

Name: Sah Periodic inventory using FIFO, LIFO, and weighted average cost met
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Description: Sah 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 $27$243Aug. 13Purchase7 units at $29203Nov. 30Purchase5 units at $31155Availab

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...

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