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 20 units at $27 Aug. 13 14 units at $28 Nov. 30 10 units at $30 Inventory $540 Purchase 392 Purchase 300 Available for sale $1,232 There are 26 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). 44 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 574 X 486.00 X 505.00 X

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 20 units at $27 Aug. 13 14 units at $28 Nov. 30 10 units at $30 Inventory $540 Purchase 392 Purchase 300 Available for sale $1,232 There are 26 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). 44 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 574 X 486.00 X 505.00 X

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Description: answer in text form please (without image) Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan. 120 units at $27Aug. 1314 units at $28Nov. 3010 units at $30

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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