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 Inventory 20 units at $46 $920 Purchase 9 units at $49 441 Nov. 30 Purchase 4 units at $51 204 Available for sale 33 units $1,565 There are 16 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. Welghted average cost method 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 Inventory 20 units at $46 $920 Purchase 9 units at $49 441 Nov. 30 Purchase 4 units at $51 204 Available for sale 33 units $1,565 There are 16 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. Welghted average cost method
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