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

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. 1Inventory6 units at $45$270Aug. 13Purchase10 units at $47470Nov. 30Purchase16 units at $49784Availabl

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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