Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods. The units of an item...
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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: Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $48 19 units at $49 14 units at $51 39 units $288 931 714 $1,933 There are 19 units of the item in the physical invent ory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the frst 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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