PE 7-5A 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 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 15 units at $4,000 $60,000 21 units at $4,600 18 units at $5,100 54 units 96,600 91,800 $248,400 OBJ. 4 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 (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

PE 7-5A 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 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 15 units at $4,000 $60,000 21 units at $4,600 18 units at $5,100 54 units 96,600 91,800 $248,400 OBJ. 4 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 (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

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Description: answer in text form please (without image) PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan. 1Aug. 7Dec. 11Available for saleInventoryPurchasePur

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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