Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:$36,00062,40048,000$146,400There are 20 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 (Firo)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 neareswhole dollar).Jan. 1Aug. 7Dec, 11Inventory 10 units at $3,600Purchase16 units at $3,900Purchase12 units at $4,00038 unitsA. First-in, first out (riro))b.Last-in, first-out (LIFO)Weighted average costG

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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:$36,00062,40048,000$146,400There are 20 units of the item in the physical inventory at December 31. The per

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 10 units at $3,600 16 units at $3,900 12 units at $4,000 38 units Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase $36,000 62,400 46,000 $146,400 There are 20 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 (Fro) 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 neare whole dollar). UO A. First-in, first-out (rifo) 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: 10 units at $3,600 16 units at $3,900 12 units at $4,000 38 units Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase $36,000 62,400 46,000 $146,400 There are 20 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 (Fro) 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 neare whole dollar). UO A. First-in, first-out (rifo) b. Last-in, first-out (LIFO) C Weighted average cost

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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