CHAPTER 6

QUESTION 1:

QUESTION 2:

QUESTION 3:

QUESTION 4:

QUESTION 5:

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method The units of an item available for sale during the year were as follows Jan. 1 Aug. 13 Purchase 260 units at $342 Nov. 30 Purchase40 units at $357 Inventory 20 units at $360 $7,200 88,920 14,280 $110,400 Available for sale 320 units 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 the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method