Periodic inventory using FIFO, LIFO, and weighted average cost methods Periodic inventory using FIFO, LIFO, and weighted average cost methods

The units of an item available for sale during the year were as follows:

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

$

$x$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ method $

c$.$ Weighted 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:

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

$

$x$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ method $

c$.$ Weighted average cost method

The units of an item available for sale during the year were as follows:

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

$

$x$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ method $

c$.$ Weighted average cost method