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Determine periodic inventory using fifo

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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 9 units at $38 $342

Aug. 7 Purchase 19 units at $39 741

Dec. 11 Purchase 11 units at $40 440

                          39 units     $1,523

There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Question 1: 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).

Reference no: EM132477184

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