Question

The units of an item available for sale during the year were as follows:


There are 57 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;
(c) The weighted average costmethod.


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  • CreatedFebruary 28, 2014
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