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Periodic Inventory by Three Methods LIFO opposite of FIFO The units of an item available for sale during the year were as follows: Jan. 1

Periodic Inventory by Three Methods LIFO opposite of FIFO

The units of an item available for sale during the year were as follows:

Jan. 1

Inventory

19 units at $29

551

Feb. 17

Purchase

16 units at $30

480

Jul. 21

Purchase

10 units at $33

330

Nov. 23

Purchase

13 units at $34

442

58

1803

There are 35 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required.

The homework says my first answer is wrong

  1. Determine the inventory cost by the first-in, first-out method. 13*34 =(442) + (22)*33= (726) = 1168
  2. Determine the inventory cost by the last-in, first-out method. 19*29= 551 + (35-19)*30 = (480) =1031
  3. Determine the inventory cost by the weighted average cost method. 1803/58 =31 31*35 = 1088

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