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Determine the inventory cost

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Question - 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 $44 $352

Aug. 7 Purchase 16 units at $45 720

Dec. 11 Purchase 11 units at $47 517 35 units $1,589

There are 20 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).

Reference no: EM132603762

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