answer in text form please (without image) PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4The units of an item available for sale during the year were as follows:Jan. 1Aug. 7Dec. 11Available for saleInventoryPurchasePurchaseThere are 14 units of the item in the physical inventory at December 31. The periodic in-ventory 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.Jan. 1Aug. 13Nov. 30Available for sale108,00012 units at $5,400 $ 64,80018 units at $6,00015 units at $6,48045 units97,200$270,000PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ.4The units of an item available for sale during the year were as follows:InventoryPurchasePurchase20 units at $360260 units at $34240 units at $357320 units$ 7,20088,92014,280$110,400There are 57 units of the item in the physical inventory at December 31. The periodic in-ventory 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.

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Description: answer in text form please (without image) PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4The units of an item available for sale during the year were as follows:Jan. 1Aug. 7Dec. 11Available for saleInventoryPurc

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There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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.

There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory 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.

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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