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Determine the inventory cost using the 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 17 units at $32 $544

Aug. 13 Purchase 11units at $34 374

Nov. 30 Purchase 5 units at $35 175

Available for sale 33 units $1,093

There are 13 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: EM132605682

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