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.

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.

Name: Module 3 Problem SetPeriodic Inventory Using FIFO, LIFO, and Weighted
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Description: Module 3 Problem SetPeriodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory15 units at $50$750Aug. 13Purchase7 units at $52364Nov. 30Purchase4 unit

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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