Accounting - Jan. 1 Aug. 13 Nov. 30 Available for sale Inventory Purchase Purchase 30 units at $460 330 units at $437 50 units at $456 410 units $ 13,800 144,210 22,800 $180,810 There are 73 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. 7-6 12 PE 7-6A Lower-of-cost-or-market method OBJ.6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Cost per Unit Item Raven 10 Dove 23 Inventory Quantity 1,700 9,200 Market Value per Unit (Net Realizable Value) $159 30 $163 24 EE 7-5 auto PE 7.5A Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: OBJ.4 Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 15 units at $4,000 $ 60,000 21 units at $4,600 96,600 18 units at $5,100 91,800 54 units $248,400 There are 17 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