Determine the inventory cost by the FIFO method

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Question - Periodic Inventory by Three Methods - The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 7 units @ $37

Feb. 17 Purchase 16 units @ $39

July 21 Purchase 6 units @ $40

Nov. 23 Purchase 14 units @ $40

There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Required -

a. Determine the inventory cost by the first-in, first-out method.

b. Determine the inventory cost by the last-in, first-out method.

c. Determine the inventory cost by the weighted average cost method.

Reference no: EM133071962

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