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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: Date
Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
Date | Line Item Description | Units | Cost per Unit | Amount |
---|---|---|---|---|
Jan. 1 | Inventory | 16 units | at $42 | $672 |
Aug. 13 | Purchase | 10 units | at $44 | 440 |
Nov. 30 | Purchase | 5 units | at $46 | 230 |
Available for sale | 31 units | $1,342 |
There are 19 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).
Line Item Description | Amount |
---|---|
a. First-in, first-out (FIFO) method | $fill in the blank 1 |
b. Last-in, first-out (LIFO) method | $fill in the blank 2 |
c. Weighted average cost method | $fill in the blank 3 |
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