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Please help! Also, may you also leave the equations for the problem? I would gladly leave a like :) Periodic Inventory Using FIFO, LIFO, and
Please help! Also, may you also leave the equations for the problem? I would gladly leave a like :)
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. 1 Inventory 4 units at $30 $120 Aug. 13 Purchase 8 units at $31 248 Nov. 30 Purchase 8 units at $33 264 Available for sale 20 units $632 There are 6 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). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ C. Weighted average costStep by Step Solution
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