Question: help needed ASAP please!! Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method. The units of an item available for sale during the year
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 8 units at $49 $392 Inventory Purchase Aug. 13 750 15 units at $50 13 units at $52 Nov. 30 Purchase 676 Available for sale 36 units $1,818 There are 17 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) Ill Weighted average cost
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