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Determine the inventory cost

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Problem - Periodic inventory using FIFO, LIFO, average cost methods

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 12 units at $45 $ 540

July 7 Purchase 18 units at $50 900

Nov 23 Purchase 15 units at $54 810

Available for sale 45 units $2,250

There are 11 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;

(c) the average cost method.

Reference no: EM132681275

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