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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 Inventory15units at $29 = $435

Aug. 13Purchase10units at $32

Nov. 30Purchase13units at $34

Available for sale38units $ tot 1,197

There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

Reference no: EM133029741

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