Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 13 units at $50 Inventory Purchase 18 units at $51 12 units at $52 Jan. 1 Aug. 13 Nov. 30 Available for sale Purchase a. First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost b. C. $2,192 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 (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). Feedback 43 units C $650 918 624 Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost

Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Methods The units of an item available for sale during the vear were as follows: 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 (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). Feestack roockMy Wok a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Methods The units of an item available for sale during the vear were as follows: 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 (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). Feestack roockMy Wok a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases