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 $45 $270 Aug. 13 Purchase 10 units at $47 470 Nov. 30 Purchase 16 units at $49 784 Available for sale 32 units $1,524 There are 13 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). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) с. 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 6 units at $45 $270 Aug. 13 Purchase 10 units at $47 470 Nov. 30 Purchase 16 units at $49 784 Available for sale 32 units $1,524 There are 13 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). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) с. Weighted average cost
Chapter1: Financial Statements And Business Decisions
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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:
Jan. 1
Inventory
6 units at $45
$270
Aug. 13
Purchase
10 units at $47
470
Nov. 30
Purchase
16 units at $49
784
Available for sale
32 units
$1,524
There are 13 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).
а.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
С.
Weighted average cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe161b52d-48e0-4a6a-8396-c379dba0515b%2F86f765d3-942e-46ba-8060-9648e7e09e06%2Fvc0xj6_processed.png&w=3840&q=75)
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 $45
$270
Aug. 13
Purchase
10 units at $47
470
Nov. 30
Purchase
16 units at $49
784
Available for sale
32 units
$1,524
There are 13 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).
а.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
С.
Weighted average cost
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