Question: need answer Periodic Inventory Using FIFO, LIFO, and weighted Average Cont Methods The units of an item available for sale during the year were as
Periodic Inventory Using FIFO, LIFO, and weighted Average Cont Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $38 $152 Aug. 13 Purchase 13 units at $39 502 Nov. 30 Purchase 20 units at $40 800 Available for sale $1,459 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the 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), 37 units a b. First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost c
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