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. 1 Inventory 19 units at $30 $570 Aug. 13 Purchase 7 units at $32 224 Nov. 30 Purchase 14 units at $33 462 Available for sale 40 units $1,256 There are 24 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). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost

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. 1 Inventory 19 units at $30 $570 Aug. 13 Purchase 7 units at $32 224 Nov. 30 Purchase 14 units at $33 462 Available for sale 40 units $1,256 There are 24 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). а. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost

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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