Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during th
Posted: Sun Jul 03, 2022 1:15 pm
Periodic Inventory Using FIFO, LIFO, and WeightedAverage Cost Methods
The units of an item available for sale during the year were asfollows:
There are 13 units of the item in the physicalinventory at December 31. The periodic inventory system isused. 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 totwo decimal places and your final answer to the nearest wholedollar).
The units of an item available for sale during the year were asfollows:
There are 13 units of the item in the physicalinventory at December 31. The periodic inventory system isused. 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 totwo decimal places and your final answer to the nearest wholedollar).