Question Content Area 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 Aug. 13 Nov. 30 Available for sale a. b. Inventory C. 18 Purchase 10 Purchase 7 35 units units at $36 units at $39 units at $41 $1,325 $648 There are 17 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). First-in, first-out (FIFO) $fill in the blank 1 Last-in, first-out (LIFO) $fill in the blank 2 Weighted average cost $fill in the blank 3 390 287

Question Content Area 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 Aug. 13 Nov. 30 Available for sale a. b. Inventory C. 18 Purchase 10 Purchase 7 35 units units at $36 units at $39 units at $41 $1,325 $648 There are 17 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). First-in, first-out (FIFO) $fill in the blank 1 Last-in, first-out (LIFO) $fill in the blank 2 Weighted average cost $fill in the blank 3 390 287

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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