Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during th

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Periodic Inventory Using Fifo Lifo And Weighted Average Cost Methods The Units Of An Item Available For Sale During Th 1 (17.46 KiB) Viewed 14 times

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 13 units at $34 $442 July 7 Purchase 5 units at $35 175 Nov. 23 Purchase 16 units at $36 576 34 units $1,193 There are 17 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) b. Last-in, first-out (LIFO) c Weighted average cost X