Determine the inventory cost by the average cost method

Reference no: EM131527730

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

Jan. 1 Inventory 6 units at $28 Feb.

4 Purchase 12 units at $30 July

20 Purchase 14 units at $32 Dec.

30 Purchase 8 units at $33

There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by

(a) the first-in, first-out method,

(b) the last-in, first-out method, and

Reference no: EM131527730

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