Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...
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Accounting
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
4
units at $24
$96
Aug. 13
Purchase
5
units at $26
130
Nov. 30
Purchase
20
units at $28
560
Available for sale
29
units
$786
There are 14 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).
a.
First-in, first-out (FIFO)
$fill in the blank 1
b.
Last-in, first-out (LIFO)
$fill in the blank 2
c.
Weighted average cost
$fill in the blank 3
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