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: Jan.
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. Inventory units at $ $
Aug. Purchase units at $
Dec. Purchase units at $
units $
There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the inventory cost using a the firstin firstout FIFO method; b the lastin firstout LIFO method; and c the weighted average cost method Round per unit cost to two decimal places and your final answer to the nearest whole dollar
a Firstin firstout FIFO $fill in the blank
b Lastin firstout LIFO $fill in the blank
c Weighted average cost $fill in the blank
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