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 17 units at $28 Aug. 13 12 units at $31 Nov. 30 7 units at $33 36 units Inventory Purchase Purchase Available for sale There are 22 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 A S 10 $476 372 231 $1,079

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 17 units at $28 Aug. 13 12 units at $31 Nov. 30 7 units at $33 36 units Inventory Purchase Purchase Available for sale There are 22 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 A S 10 $476 372 231 $1,079

Name: B15. Periodic inventory using FIFO, LIFO, and weighted average costmet
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Description: B15. Periodic inventory using FIFO, LIFO, and weighted average costmethodsThe units of an item available for sale during the year were as follows:Jan. 117 units at $28$476Aug. 1312 units at $31372Nov. 307 units at $3336 unitsInventoryPurchasePurchase

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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