eBook Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: 20 units at $35 $700 6 units at $38 6 units at $39 32 units Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale Show Me How a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method Feedback There are 19 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). GA 64 228 234 $1,162 690 546 X Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of goods sold and the ending inventory.

Periodic inventory using FIFO, LFO, and weighted average cost methods The units of an item available for sale during the year were as follows: There are 19 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). Feedback TCheck My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of goods sold and the ending inventory