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Hi, I need some help with the below question The units of an item available for sale during the year were as follows: Jan. 1
Hi,
I need some help with the below question
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 20 | units at $45 | $900 |
Aug. 13 | Purchase | 8 | units at $47 | 376 |
Nov. 30 | Purchase | 18 | units at $48 | 864 |
Available for sale | 46 | units | $2,140 |
There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
a. | First-in, first-out (FIFO) | A-$fill in the blank 1 |
b. | Last-in, first-out (LIFO) | B-$fill in the blank 2 |
c. | Weighted average cost | C-$fill in the blank 3 |
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