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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

16

units at $30

$480

Aug. 13

Purchase

11

units at $32

352

Nov. 30

Purchase

14

units at $34

476

Available for sale

41

units

$1,308

There are 12 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: EM133072333

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