The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145 Inventory Aug. 7 Purchase 17 units at $30 510 Dec. 11 Purchase 14 units at $32 448 36 units $1,103 There are 17 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 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 average cost
The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145 Inventory Aug. 7 Purchase 17 units at $30 510 Dec. 11 Purchase 14 units at $32 448 36 units $1,103 There are 17 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 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 average cost
Chapter10: Inventory
Section: Chapter Questions
Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...
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