eBook Show Me How Printem 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 Aug. 7 Purchase 4 units at $2,900 $11,600 17 units at $3,200 $4,400 Dec. 11 Purchase 10 units at $3,300 31 units 33,000 $99,000 rogress=false There are 20 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). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost ssignment/takeAssignment Main.do?invoker-&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Print tem Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) MX62 156 $38 $35 VZ31 293 20 24 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. Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase July 21 Purchase Nov. 23 Purchase 8 units $47 19 units $48 11 units $51 16 units $53 There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the neares whole dollar, if required. Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units $100 Mar. 10 Aug. 30 Purchase 50 units $112 Purchase 30 units $118 Dec. 12 Purchase 70 units $120 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round Interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method a. First-in, first-out (FIFO) s Merchandise Inventory Merchandise Sold b. Last-in, first-out (LIFO) c. Weighted average cost