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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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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