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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 12 units at $45 $540 Aug. 13 Purchase 16 units at $47 752 Nov.

Jan. 30 Purchase 4 units at $49 196 Available for sale 32 units $1,488. There are 19 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.

Reference no: EM132912915

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