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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 15 units at $4,000 $60,000
Aug. 7 Purchase 21 units at $4,600 96,600
Dec. 11 Purchase 18 units at $5,100 91,800
Available for sale 54 units $248,400

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.

a. First-in, first-out (FIFO) method
b. Last-in, first-out (LIFO) method
c. Weighted average cost method

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