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 Aug. 13 Purchase Nov. 30 Purchase Available for sale 13 units at $34 $442 7 units at $37 259 6 units at $38 228 26 units $929 There are 16 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
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 Aug. 13 Purchase Nov. 30 Purchase Available for sale 13 units at $34 $442 7 units at $37 259 6 units at $38 228 26 units $929 There are 16 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) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
Chapter1: Financial Statements And Business Decisions
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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:
Jan. 1 Inventory
Aug. 13 Purchase
Nov. 30
Purchase
Available for sale
13 units at $34
$442
7 units at $37
259
6 units at $38
228
26 units
$929
There are 16 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) method
b. Last-in, first-out (LIFO) method
c. Weighted average cost method
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