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I cant seem to figure out how to find the final answers. 656 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units
I cant seem to figure out how to find the final answers. 656 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 Nov. 30 Purchase 15 units at $43 645 Available for sale $1,861 There are 16 units of the item in the physical inventory at December 31, Ine 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). 45 units a First-in, first-out (FIFO) 688 X b. Last-in, first-out (FO) 670 x c Weighted average cost 661.6 X 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 4
I cant seem to figure out how to find the final answers.
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