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Chapter 7 Homework Assignment (F 47 units Periodic Inventory Using FIFO, LIFO, and weighted Average...

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Chapter 7 Homework Assignment (F 47 units 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 15 units at $3,900 $58,500 Aug. 7 Purchase 17 units at $4,000 68,000 Dec. 11 Purchase 15 units at $4,100 61,500 $188,000 There are 20 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 Check My Work Next signment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 10

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