Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 17 units at $27 9 units at $30 20 units at $31 $459 270 620 Available for sale $1,349 There are 18 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) Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted average cost 000
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 17 units at $27 9 units at $30 20 units at $31 $459 270 620 Available for sale $1,349 There are 18 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) Aug. 13 Nov. 30 Inventory Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted average cost 000
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![Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
17. units at $27
$459
Jan. 1
Aug. 13
9 units at $30
270
Nov. 30
20 units at $31
620
Available for sale
46 units
$1,349
There are 18 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).
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
Weighted average cost
C
Inventory
Purchase
Purchase
000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad2a539d-bb47-4eed-bc0e-d796c95bfe57%2Fd9e69249-5dee-41fb-bd66-b8d0e7d1fb65%2Fwk9e1lj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
17. units at $27
$459
Jan. 1
Aug. 13
9 units at $30
270
Nov. 30
20 units at $31
620
Available for sale
46 units
$1,349
There are 18 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).
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
Weighted average cost
C
Inventory
Purchase
Purchase
000
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