Determine the inventory cost

Reference no: EM132981613

Question: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.

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

Jan. 1Inventory13units at $36$468Aug. 13Purchase16units at $37592Nov. 30Purchase10units at $38380Available for sale39units$1,440

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: EM132981613

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