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Chapter 7 Inventories 379 SHOW ME HOW EE 7-5 A 360 PE 7-SA Periodic inventory using FIFO, LIFO, and weighted average cost methods 08.4 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $4,000 5 60,000 Aug. 7 Purchase 21 units at $4,600 96,600 Dec. 11 Purchase 18 units at $5.100 91,800 Available for sale S4 units $248,400 There are 17 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. SHOW ME HOW BE75,00 PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods 00.4 The units of an item available for sale during the year were as follows: Jan 1 Inventory 30 units at $460 $13,800 Aug 13 Purchase 330 units at $437 144,210 Nov. 30 Purchase 50 units at $456 22.800 Available for sale 410 units $180,810 There are 73 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

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