an. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale There are 17 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 ut (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 answe o the nearest whole dollar). 20 units at $40 9 units at $41 5 units at $43 34 units $800 369 215 a. First-in, first-out (FIFO) method D. Last-in, first-out (LIFO) method $1,384

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Chapter6: Inventories
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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:
20 units at $40
9 units at $41
5 units at $43
Jan. 1
Aug. 13
Nov. 30
Inventory
Purchase
Purchase
Available for sale
34 units
$1,384
There are 17 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).
$800
369
a. First-in, first-out (FIFO) method
b. Last-in, first-out (LIFO) method
c. Weighted average cost method
215
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: 20 units at $40 9 units at $41 5 units at $43 Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale 34 units $1,384 There are 17 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). $800 369 a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 215
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