Question: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: DateLine
Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
DateLine Item DescriptionUnitsCost per UnitAmountJan. Inventory unitsat $$Aug. Purchase unitsat $Nov. Purchase unitsat $Available for sale units$
There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the inventory cost using the a firstin firstout FIFO method; b lastin firstout LIFO method; and c weighted average cost method round perunit cost to two decimal places and your final answer to the nearest whole dollar
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