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Hi, can you help me solve this, are those problems related? can you help me at least with one of them. PE 7-5A Periodic inventory
Hi, can you help me solve this, are those problems related? can you help me at least with one of them.
PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost me The units of an item available for sale during the year were as follows: thods OBJ. 4 Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 12 units at $5,400 18 units at $6,000 15 units at $6,480 $ 64,800 108,000 97.200 45 units $270,000 There are 14 units of the item in the physical inventory at December 31. The periodic in- ven Determine the inventory cost using (a) the first-in, first-out (FIFO) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. tory system is used. PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods 0BJ.4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 13 Nov. 30 Available for sale Inventory 20 units at $360 260 units at $342 40 units at $357 7,200 88,920 14,280 $110,400 Purchase Purchase 320 units There are 57 units of the item in the physical inventory at December 31. The periodic in- ventory 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 methodStep by Step Solution
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