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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 Inventory15units at $29 =$435
Aug. 13Purchase10units at $32
Nov. 30Purchase13units at $34
Available for sale38units$ tot 1,197
Problem 1: There are 19 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 (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
Find The total costs assigned to the March 31 work in process inventory should be? Materials are introduced at the end of the process in Department Y.
What would your response be, drawing on concepts from this course. What is this designation? How do you get it? How might it help someone who has a commitment to a career in accounting.
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