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 8 units at $37 $296 Aug. 13 Purchase 4 units at $38 152 Nov. 30 9 units at $40 Purchase 360 Available for sale 21 units $808 There are 10 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) veighted 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) 4 x b. Last-in, first-out (LIFO) c. Weighted average cost 384.8 X %24 %24 %24

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 8 units at $37 $296 Aug. 13 Purchase 4 units at $38 152 Nov. 30 9 units at $40 Purchase 360 Available for sale 21 units $808 There are 10 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) veighted 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) 4 x b. Last-in, first-out (LIFO) c. Weighted average cost 384.8 X %24 %24 %24

Name: Periodic Inventory Using FIFO, LIFO, and Weighted AverageCost Methods
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Description: Periodic Inventory Using FIFO, LIFO, and Weighted AverageCost MethodsThe units of an item available for sale during the year were asfollows:8 units at $37Jan. 1Inventory$296Aug. 13Purchase4 units at $381529 units at $40Nov. 30Purchase360Available fo

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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