Solution-Determine the inventory cost using LIFO method

Determine the inventory cost using LIFO 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	16	units at $25	$400
Aug. 13	Purchase	14	units at $26	364
Nov. 30	Purchase	18	units at $28	504
Available for sale		48	units	$1,268

There are 24 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: EM133105585

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Determine the inventory cost using LIFO method

Reference no: EM133105585

Reference no: EM133105585

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