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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during th
Posted: Tue Jul 05, 2022 1:35 pm
by answerhappygod
- Periodic Inventory Using Fifo Lifo And Weighted Average Cost Methods The Units Of An Item Available For Sale During Th 1 (27.55 KiB) Viewed 9 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 10 units at $2,600 $26,000 Aug. 7 Purchase 16 units at $2,900 46,400 Dec. 11 Purchase 12 units at $3,100 37,200 38 units $109,600 There are 16 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-oks (LIFO) Weighted average cost C.