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Question - 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 17 units at $48 $816
Aug. 13 Purchase 16 units at $51 816
Nov. 30 Purchase 5 units at $52 260
Available for sale 38 units $1,892
There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method.
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