Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 7 units at $3,000 $21,000 Jan. 1 Aug. 7 16 units at $3,200 51,200 Dec. 11 15 units at $3,400 51,000 38 units $123,200 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost C. $ $

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
7 units at $3,000
Jan. 1
Aug. 7
16 units at $3,200
Dec. 11
15 units at $3,400
Inventory
Purchase
Purchase
38 units
$21,000
51,200
51,000
$123,200
There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO)
method; (b) the last-in, first-out (LIFO) method; and (c) the 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
Transcribed Image Text:Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 7 units at $3,000 Jan. 1 Aug. 7 16 units at $3,200 Dec. 11 15 units at $3,400 Inventory Purchase Purchase 38 units $21,000 51,200 51,000 $123,200 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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
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