The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $44 $704 Aug 13 Purchase 6 units at $45 270 Nov. 30 Purchase 7 units at $46 322 Available for sale 29 units $1,296 There are 17 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 (Li 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) method b. Last-in, first-out (LIFO) method C Weighted average cost method 000

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $44 $704 Aug 13 Purchase 6 units at $45 270 Nov. 30 Purchase 7 units at $46 322 Available for sale 29 units $1,296 There are 17 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 (Li 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) method b. Last-in, first-out (LIFO) method C Weighted average cost method 000

Name: Periodic inventory using FIFO, LIFO, and weighted average cost method
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Description: Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows:Jan, 1Inventory16 units at $44$704Aug. 13Purchase6 units at $45270Nov. 30Purchase7 units at $46322Available

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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