Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 20 units at $30 Jan. 1 Aug. 13 Purchase 5 units at $33 Nov. 30 Purchase 4 units at $35 29 units There are 12 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). Available for sale a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost $600 165 140 $905

Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 20 units at $30 Jan. 1 Aug. 13 Purchase 5 units at $33 Nov. 30 Purchase 4 units at $35 29 units There are 12 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). Available for sale a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost $600 165 140 $905

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method
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Description: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:20 units at $30Jan. 1Aug. 13InventoryPurchase5 units at $33Nov. 304 units at $35PurchaseC.29 units$60016514

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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