The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $50 $750 Aug. 13 Purchase 7 units at $52 364 Nov. 30 Purchase 4 units at $53 212 Available for sale 26 units $1,326 There are 13 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). a. First-in, first-out (FIFO) <> b. Last-in, first-out (LIFO) Weighted average cost C.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Module 3 Problem Set
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 $50
$750
Aug. 13
Purchase
7 units at $52
364
Nov. 30
Purchase
4 units at $53
212
Available for sale
26 units
$1,326
There are 13 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).
a.
First-in, first-out (FIFO)
<>
b. Last-in, first-out (LIFO)
C.
Weighted average cost
Transcribed Image Text:Module 3 Problem Set 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 $50 $750 Aug. 13 Purchase 7 units at $52 364 Nov. 30 Purchase 4 units at $53 212 Available for sale 26 units $1,326 There are 13 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). a. First-in, first-out (FIFO) <> b. Last-in, first-out (LIFO) C. Weighted average cost
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