Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory7 units at $25$175Aug. 7Purchase20 units at $27540Dec. 11Purchase10 units at $2929037 units$1,005There are 16 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; and (c) the weightedaverage 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 average cost

Name: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method
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Description: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory7 units at $25$175Aug. 7Purchase20 units at $27540Dec. 11Purchase10 units at $2929037 units$

a. FIFO: Inventory cost = 10 units from Dec 11 + 6 units from August 7 = 10*29 + 6*27 = $452

Answered: an. 1 Inventory 7 units at $25 $175 ug.…

Business

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an. 1 Inventory 7 units at $25 $175 ug. 7 Purchase 20 units at $27 540 Dес. 11 Purchase 10 units at $29 290 37 $1.005

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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