The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $31 $372 Purchase 18 units at $33 594 Purchase 15 units at $34 510 45 units $1,476 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 (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). Aug. 7 Dec. 11

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $31 $372 Purchase 18 units at $33 594 Purchase 15 units at $34 510 45 units $1,476 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 (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). Aug. 7 Dec. 11

Name: Please do not give solution in image format thanku The units of an ite
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Description: Please do not give solution in image format thanku The units of an item available for sale during the year were as follows:Jan. 1Inventory 12units at $31$372Aug. 7Purchase 18594Dec. 11Purchase. 1551045units $1,476There are 16 units of the item in the

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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