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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $37 $481 Aug. 13 Purchase 18 units at $40 720 Nov. 30 Purchase 11 units at $41 451 Available for sale 42 units $1,652 There are 19 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine t cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cos (round per-unit cost thewo decimal places and your final answer to the nearest whole dollar). 779 X a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted average cost Feedback Check My Work a When the FIFO method is used costs are included in cost of goods sold in the order in which they were purchased When the UFO method is used the cost of the units sold is the cost of the most recent purchases The average cost method is sometimes called the weighted average med. The average cost method uses the average unit cost for determining cost of goods sold and the ending inventory Learning Objective Previous G