Chapter 7 HMWK eBook Show Me How 3. TMM.07.03 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods 4. TMM.07.04 The units of an item available for sale during the year were as follows: 5. TMM.07.05 Jan. 1 Inventory 6 units at $4,300 $25,800 Aug. 7 Purchase 17 units at $4,600 78,200 6. TMM.07.07 Dec. 11 Purchase 15 units at $4,800 72,000 7. PE.07.01.ALGO 38 units $176,000 8. PE.07.02.ALGO 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 (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). 9. PE.07.03.ALGO 10. PE.07.05.ALGO a. First-in, first-out (FIFO) $ 11. PE.07.08A $ b. Last-in, first-out (LIFO) c. Weighted average cost $ 12. PE.07.08B 13. EX.07.12.ALGO 14. EX.07.13.ALGO .. 15. EX.07.20.ALGO 16. EX.07.21. ALGO 17. PR.07.04A Check My Work ( Previous Previous Next > Next Progress: 10/17 items