Solution-Determine the inventory cost using the FIFO method

Determine the inventory cost using the FIFO method

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Reference no: EM133054080

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 15 units at $36 $540

Aug. 13 Purchase 10 units at $39 390

Nov. 30 Purchase 17 units at $40 680

Available for sale 42 units $1,610

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: EM133054080

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Determine the inventory cost using the FIFO method

Reference no: EM133054080

Reference no: EM133054080

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