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 13 units at $2,900 Aug. 7 15 units at $3,000 Dec. 11 11 units at $3,100 39 units Inventory Purchase Purchase $37,700 45,000 34,100 $116,800 There are 17 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).

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 13 units at $2,900 Aug. 7 15 units at $3,000 Dec. 11 11 units at $3,100 39 units Inventory Purchase Purchase $37,700 45,000 34,100 $116,800 There are 17 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).

Name: Hah Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Met
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Description: Hah Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Inventory 13 units at $2,900$37,700Jan, 1Aug. 7Purchase15 units at $3,00045,000Dec. 1111 units at $3,100

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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