Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method The units of intem available...
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Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Method The units of intem available for sale during the year were as follows: Jan. 1 Inventory 9 units at $44 $396 Aug. 13 Purchase 17 units at $45 765 Nov. 30 Purchase 13 units at $46 598 Available for sale $1,759 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 (LFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dar) a. Prstin, first-out (FFO) b. Last-in, first-out (LIFO) Weighted average cost 767 39 units 756
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