Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item
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Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 20 units at $360 $ 7,200 Aug. 13 Purchase 260 units at $342 88,920 Nov. 30 Purchase 40 units at $357 14,280 Available for sale 320 units $110,400 There are 57 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.
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Related Book For
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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