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
13
units at $44
$572
Aug. 13
Purchase
16
units at $46
736
Nov. 30
Purchase
7
units at $48
336
Available for sale
36
units
$1,644
There are 22 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)
$
c.
Weighted average cost
$
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