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Determine inventory cost using first-in and first-out

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	20 units at $360	$ 7,200
Aug. 13	Purchase	260 units at $342	88,920
Nov. 30	Purchase	40 units at $357	14,280
	Available for sale	320 units	$110,400

There are 57 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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Solution Preview :

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Finance Basics: Determine inventory cost using first-in and first-out

Reference No:- TGS0680950

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Solution Preview :

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Finance Basics: Determine inventory cost using first-in and first-out

Reference No:- TGS0680950

Recent Questions Asked Finance Basics

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