Question: PLEASE EXPLAIN THE STEPS: THERE ARE 2 QUESTIONS. THANK YOU! Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item

PLEASE EXPLAIN THE STEPS:

THERE ARE 2 QUESTIONS. THANK YOU!

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 20 units of the item in the physical inventory at December 31 . The periodic inventory system is used. Determine the inventory cost using (a) the first-in, firstout (FIFO) method; (b) the last-in, first-out (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. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) \$ c. Weighted averaqe cost $ Lower-of-Cost-or-Market Method On the basis of the data shown below: Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. $

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