The units of an item available for sale during the year were as follows: There are 57
Question:
There are 57 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, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method;
(c) The weighted average costmethod.
Transcribed Image Text:
Jan. 1 Aug. 13 Nov. 30 Inventory 20 units at $360 7,200 260 units at $342 88,920 Purchase 4 uits at $357 14.280 $110,400 Purchase Available for sale 320 units
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a Firstin firstout FIFO method 20094 40 units ...View the full answer
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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