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Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan.
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. Inventory Aug. Purchase Nov. Purchase Available for sale There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the inventory cost using the a firstin firstout FIFO method; b lastin firstout LIFO method; and c weighted average cost method round perunit cost to two decimal places and your final answer to the nearest whole dollar a Firstin firstout FIFO method b Lastin firstout LIFO method c Weighted average cost method 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. 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.
Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
Jan. Inventory
Aug. Purchase
Nov. Purchase
Available for sale
There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the
inventory cost using the a firstin firstout FIFO method; b lastin firstout LIFO method; and c weighted average
cost method round perunit cost to two decimal places and your final answer to the nearest whole dollar
a Firstin firstout FIFO method
b Lastin firstout LIFO method
c Weighted average cost method
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.
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.
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