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 (109.7 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: $50,400 Jan. 1 Aug. 7 Inventory 14 units at $3,600 Purchase 20 units at $3,900 78,000 Dec. 11 14 units at $4,000 56,000 48 units $184,400 Purchase There are 19 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 $ EM X