Question: Periodic inventory using FIFO, LIFO, and Weighted Average Cost Methods Jan. 01 Inventory 20 units at $28 $560 Aug. 13 Purchase 8 units at $31
Periodic inventory using FIFO, LIFO, and Weighted Average Cost Methods
| Jan. 01 | Inventory | 20 units at $28 | $560 |
| Aug. 13 | Purchase | 8 units at $31 | 248 |
| Nov. 30 | Purchase | 5 units at $33 | 165 |
| Available for sale: | 33 | 973 |
There are 13 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 method; (b) last in, last out method, (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)
b. Last in, Last out (LIFO)
c. weighted average cost
Can someone break this down into the simplest way to complete? I've tried so many times to solve this!
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