Business, 27.03.2020 21:51 alexanderavrett

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 8 units at $33 $264
Aug. 7 Purchase 18 units at $35 630
Dec. 11 Purchase 15 units at $37 555
41 units $1,449

There are 16 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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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

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