Please do not give solution in image format thanku Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory40 units at $165$6,500Aug. 13Purchase200 units at $18036,000Nov. 30Purchase60 units at $20012,000Available for sale300 units$54,600There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventorycost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method.a. First-in, first-out (FIFO) methodb. Last-in, first-out (LIFO) methodc. Weighted average cost method

Name: Please do not give solution in image format thanku Periodic inventory
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Description: Please do not give solution in image format thanku Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory40 units at $165$6,500Aug. 13Purchase200 u

There are 75 units of the item in the physical inventory at December 31(a) first in first out method…

Business

Accounting

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. 11 Inventory 40 units at $165 $6,500 Aug. 13 Purchase 200 units at $180 36,000 Nov. 30 Purchase 60 units at $200 12,000 Available for sale $54,600 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the invent cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method. 300 units 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. 11 Inventory 40 units at $165 $6,500 Aug. 13 Purchase 200 units at $180 36,000 Nov. 30 Purchase 60 units at $200 12,000 Available for sale $54,600 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the invent cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method. 300 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method

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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