Pertodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avaleble for sale during the year were as follows: Jan. 1 Inventory 30 units at $460 $13,800 Aug. 13 Purchase 330 units at $437 144,210 Nov. 30 Purchese 50 units at $456 22,800 Available for sale 410 units $180,810 There are 73 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. a First-in, first-out (FIFO) method D. Last-in, first-out (LIFO) method e Weighted average cost method 32,193
Pertodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avaleble for sale during the year were as follows: Jan. 1 Inventory 30 units at $460 $13,800 Aug. 13 Purchase 330 units at $437 144,210 Nov. 30 Purchese 50 units at $456 22,800 Available for sale 410 units $180,810 There are 73 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. a First-in, first-out (FIFO) method D. Last-in, first-out (LIFO) method e Weighted average cost method 32,193
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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