Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item...
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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 11 units at $28 $308
Aug. 13 Purchase 20 units at $30 600
Nov. 30 Purchase 14 units at $31 434
Available for sale 45 units $1,342
There are 17 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 (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
a. First-in, first-out (FIFO) $
b. Last-in, first-out (LIFO) $
c. Weighted average cost $
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