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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

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Accounting

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
whole dollar).
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
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a. When the FIFO method is used, costs are included in cost of goods 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.
and the ending inventory.
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