Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...

 

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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 Aug. 13 Nov. 30 a. Inventory Purchase Purchase b. 18 units at $26 15 units at $27 19 units at $28 52 units Available for sale $1,405 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). First-in, first-out (FIFO) Last-in, first-out (LIFO) C. Weighted average cost $468 405 532 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 Aug. 13 Nov. 30 a. Inventory Purchase Purchase b. 18 units at $26 15 units at $27 19 units at $28 52 units Available for sale $1,405 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). First-in, first-out (FIFO) Last-in, first-out (LIFO) C. Weighted average cost $468 405 532

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