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I cant figure out how im getting these answers wrong. eBook Show Me How Calculator Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.

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eBook Show Me How Calculator Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $40 $560 Aug. 13 Purchase 16 units at $41 656 Nov. 30 15 units at $43 645 Available for sale 45 units $1,861 There are 16 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). 2. First-in, first-out (FIFO) 1,260 x b. Last-in, first-out (LIFO) Purchase $ C Weighted average cost 661.68 X Freda 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 Learning Objective

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