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 10 units at $44 $440 Aug. 7 Purchase 15 units at $45 675 Dec. 11 Purchase 13 units at $46 598   38 units $1,713 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).

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units @ $24 Feb. 17 Purchase 6 units @ $25 July 21 Purchase 13 units @ $28 Nov. 23 Purchase 18 units @ $28 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 50 units at $98 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase 50 units at $110 30 units at $118 70 units at $122 Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Ending Inventory Cost of Goods Sold Last-in, first-out (LIFO) Weighted average cost

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 16 units at $48 $768 Aug. 13 Purchase 13 units at $51 663 Nov. 30 Purchase 20 units at $52 1,040 Available for sale 49 units $2,471 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 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) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3