The units of an item available for sale during the year were as follows:Jan. 15 units at $29$145InventoryAug. 7Purchase17 units at $30510Dec. 11Purchase14 units at $3244836 units$1,103There are 17 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 (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 tothe nearest whole dollar).a.First-in, first-out (FIFO)b. Last-in, first-out (LIFO)C.Weighted average cost

Periodic inventory system: The method or system of recording the transactions related to inventory…

Answered: The units of an item available for sale…

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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