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 40 units at $165 $6,600
Aug. 13 Purchase 200 units at $180 $36,000
Nov. 30 Purchase 60 units at $200 $12,000
Available for sale 300 units $54,600
There are 75 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.
+1
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » 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 40 units at $165 $6,600 Aug. 13 Purchase 200 units at $180 $36,000 Nov.