Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 16 units at $46 $736 9 units at $49 441 15 units at $50 750 40 units $1,927 Available for sale There are 16 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). Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost C.

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 16 units at $46 $736 9 units at $49 441 15 units at $50 750 40 units $1,927 Available for sale There are 16 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). Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost C.

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Description: eBookShow Me HowJan. 1Aug. 13Nov. 30Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Inventory16 units at $46Purchase9 units at $49Purchase15 units at $50Av

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...

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