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Ch 7-2 Practice Exercises eBook Show Me How Calculator Print Item Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: an. Inventory Aug. 7Purchase Dec. Purchase 1. .07-02.ALGO 2. PE.07-03.ALGO 6 units at $48 17 units at $49 11 units at 51 34 units $288 833 561 $1,682 3. PE-07-04A 4. PE.07-05 ALGO 5. PE.07-06 ALGO There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) 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) a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 816 X 778 791 X Foedback Check My Work a. when the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased b. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. c. The average cost method is sometimes called the weighted average method. The average cost method uses the average unit cost for determining cost of merchandise sold and the ending merchandise inventory Check My Work 1 more Check My Work uses remaining. Previous Next Progress: 4/5 items Assignment Score: 86.67% All work saved. Save and Exit Submit Assignment for Grading

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