Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an Item available...

 

Transcribed Image Text:

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an Item available for sale during the year were as follows: 16 units at $26 $416 Jan. 1 Aug. 13 7 units at $27 189 Nov. 30 12 units at $29 348 35 units $953 Inventory Purchase Purchase Available for sale There are 21 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). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 591 X 551 ✔ 572 Previnus Next Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an Item available for sale during the year were as follows: 16 units at $26 $416 Jan. 1 Aug. 13 7 units at $27 189 Nov. 30 12 units at $29 348 35 units $953 Inventory Purchase Purchase Available for sale There are 21 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). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 591 X 551 ✔ 572 Previnus Next