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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 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

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 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

FINANCIAL ACCOUNTING
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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П еВook Show Me How Calculator Print Item 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 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 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) С. Weighted average cost %24 %24 %24
Transcribed Image Text:П еВook Show Me How Calculator Print Item 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 16 units at $29 $464 Aug. 13 Purchase 18 units at $32 576 Nov. 30 Purchase 10 units at $33 330 Available for sale 44 units $1,370 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) С. Weighted average cost %24 %24 %24
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