The units of an item available for sale during the year were as follows: Jan. 1 20 units at $29 Aug. 13 7 units at $31 Nov. 30 9 units at $32 Available for sale 36 units $1,085 There are 22 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). Inventory Purchase Purchase $580 217 288 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted aver Chapter 7 homework assignment take frame

The units of an item available for sale during the year were as follows: Jan. 1 20 units at $29 Aug. 13 7 units at $31 Nov. 30 9 units at $32 Available for sale 36 units $1,085 There are 22 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). Inventory Purchase Purchase $580 217 288 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted aver Chapter 7 homework assignment take frame

Name: Inventory by Three MethodsThe units of an item available for sale dur
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Description: Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1InventoryAug. 13PurchaseNov. 30PurchaseAvailable for saleThere are 22 units of the item in the physical Inventory at December 31. The periodic in

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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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 15 units at $47 $705 Aug. 7 Purchase 20 units at $48 960 Dec. 11 Purchase 10 units at $49 490 45 units $2,155 There are 17 units of the item in the physical inventory on December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $36,000 62,400 48,000 $146,400 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (Firo) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the neares whole dollar). Jan. 1 Aug. 7 Dec, 11 Inventory 10 units at $3,600 Purchase 16 units at $3,900 Purchase 12 units at $4,000 38 units A. First-in, first out (riro)) b. Last-in, first-out (LIFO) Weighted average cost G
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