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 14 units at $2,700 $37,800 Aug. 7 Purchase 18 units at $2,900 52,200 Dec. 11 Purchase 10 units at $3,100 31,000 42 units $121,000 There are 19 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 (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $ c. Weighted average cost $

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 14 units at $2,700 $37,800 Aug. 7 Purchase 18 units at $2,900 52,200 Dec. 11 Purchase 10 units at $3,100 31,000 42 units $121,000 There are 19 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 (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $ c. Weighted average cost $

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:Jan. 1Inventory14 units at $2,700$37,800Aug. 7Purchase18 units at $2,90052,200Dec. 11Purchase10 units at $3

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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