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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5d8aa6f5-4e5e-4ad7-8330-95db6ad61cd4%2F6f960f3a-1ecf-4592-97fc-40a9c4f5ccc8%2F7a87bys_processed.jpeg&w=3840&q=75)
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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