The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $42 $336 Aug. 7 Purchase 15 units at $43 645 Dec. 11 Purchase 11 units at $44 484   34 units $1,465 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the 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) $871 b. Last-in, first-out (LIFO) $ c. Weighted average cost $862         I cannot figure out the answer to b. I got $840 as the answer, but that is incorrect.

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A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

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A:

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

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A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO stands for First in First Out LIFO stands for LIFO in First Out

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.