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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

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.

Required - 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: EM133100124

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