Periodic inventory using FIFO, LIFO, and weighted average cost methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Units Cost per Unit Amount
Jan. Inventory units at $ $
Aug. Purchase units at $
Nov. Purchase units at $
Available for sale units $
There are units of the item in the physical inventory at December The periodic inventory system is used. Determine the inventory cost using the a firstin firstout FIFO method; b lastin firstout LIFO method; and c weighted average cost method round perunit cost to two decimal places and your final answer to the nearest whole dollar
Line Item Description Amount
a Firstin firstout FIFO method $fill in the blank
b Lastin firstout LIFO method $fill in the blank
c Weighted average cost method $fill in the blank
