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Please show work! stuck on this problem. eBook Show Me How Calculator Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method. The units of
Please show work! stuck on this problem. eBook Show Me How Calculator 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 4 units at $36 $144 Aug. 13 Purchase 16 units at $38 608 Nov. 30 Purchase 14 units at $39 546 Available for sale 34 units $1,298 There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost usino ( 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). 3. First in, first-out (FIFO) X b. Last-in, first out (LFO) Weighted average cost Why w a When the FIFO method is used costre included in cost of goods sold in the order in which they were purchased When me LIFO method is used the cost of the units sold is the cost of the most recent purchases c The average cost muthod is sometimes called the weighted average method The average cost motnad teiste avecage unit cost for determining cost of goods gold and the ending inventory Loon Obiective
Please show work! stuck on this problem.
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