The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $25 $125 Aug. 13 Purchase 17 units at $27 459 Nov. 30 Purchase 9 units at $29 261 Available for sale 31 units $845 A - There are 19 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, 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 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 Inventory 5 units at $25 $125 Aug. 13 Purchase 17 units at $27 459 Nov. 30 Purchase 9 units at $29 261 Available for sale 31 units $845 A - There are 19 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, 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 nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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