The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $27 Aug. 13 Purchase 9 units at $30 Nov. 30 4 units at $31 17 units Purchase $108 270 124 $502 Available for sale There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine t out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 000

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $27 Aug. 13 Purchase 9 units at $30 Nov. 30 4 units at $31 17 units Purchase $108 270 124 $502 Available for sale There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine t out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 000

Name: Subject - account Please help me. Thankyou. Periodic Inventory Using F
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Description: Subject - account Please help me. Thankyou. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Inventory4 units at $27Jan. 1Aug. 13Purchase9 units at $30Nov. 3

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Subject - account

Please help me.

Thankyou.

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
Inventory
4 units at $27
Jan. 1
Aug. 13
Purchase
9 units at $30
Nov. 30
4 units at $31
17 units
Purchase
$108
270
124
$502
Available for sale
There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine t
out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two
nearest whole dollar).
UD
a. First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
C. Weighted average cost

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Step 3: Computation of cost of ending inventory using periodic Last-in First Out (LIFO)

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Step 4: Computation of cost of ending inventory using periodic Weighted Average Cost:

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