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whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (UFO) method c. Weighted average cost method

whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (UFO) method c. Weighted average cost method

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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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 19 units at $37 $703 Aug. 13 Purchase 13 units at $38 494 Nov. 30 Purchase 7 units at $40 280 Available for sale 39 units. $1,477 There are 23 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 (UFO) 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 (UFO) method c. Weighted average cost method
Transcribed Image Text: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 19 units at $37 $703 Aug. 13 Purchase 13 units at $38 494 Nov. 30 Purchase 7 units at $40 280 Available for sale 39 units. $1,477 There are 23 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 (UFO) 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 (UFO) method c. Weighted average cost method
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