Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 9 units at $44 Jan. 1 Aug. 13 Inventory Purchase 14 units at $47 Nov. 30 Purchase 11 units at $49 34 units $396 658 539 Available for sale $1,593 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using th (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 cost

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 9 units at $44 Jan. 1 Aug. 13 Inventory Purchase 14 units at $47 Nov. 30 Purchase 11 units at $49 34 units $396 658 539 Available for sale $1,593 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using th (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 cost

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Description: Please do not give solution in image format thanku Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory9 units at $44$396Aug. 13Purchase14 units

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...

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