Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...
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Accounting
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
9
units at $35
$315
July 7
Purchase
5
units at $38
190
Nov. 23
Purchase
13
units at $39
507
27
units
$1,012
There are 8 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
$
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