Business, 22.04.2021 18:40 skylex

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 7 units at $27 $189 Aug. 13 Purchase 12 units at $28 336 Nov. 30 Purchase 19 units at $30 570 Available for sale 38 units $1,095 There are 11 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).

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item availabl...