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Determine the inventory cost using fifo method

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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 12 units at $44 $528

Aug. 7 Purchase 18 units at $47 846

Dec. 11 Purchase 14 units at $496 864 4 units $2,060

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.

Reference no: EM133040218

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