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 6 units at $32 $192 Aug. 13 Purchase 16 units at $ 33 528 Nov. 30 Purchase 18 units at $35 630 Available for sale 40 units $1,350 There are 24 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) $ fill in the blank 1 b. Last -in, first-out (LIFO) S fill in the blank 2 c. Weighted average cost $ fill in the blank 3
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 6 units at $32 $192 Aug. 13 Purchase 16 units at $ 33 528 Nov. 30 Purchase 18 units at $35 630 Available for sale 40 units $1,350 There are 24 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) $ fill in the blank 1 b. Last -in, first-out (LIFO) S fill in the blank 2 c. Weighted average cost $ fill in the blank 3
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 6 units at $32 $192 Aug. 13 Purchase 16 units at $
33 528 Nov. 30 Purchase 18 units at $35 630 Available for sale 40 units $1,350 There are 24 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) $ fill in the blank 1 b. Last - in, first-out (LIFO) $ fill in the blank 2 c.
Weighted average cost $ fill in the blank 3
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